San Francisco, June 1, 2026, 10:03 PDT
Anthropic said Monday it has confidentially filed a draft S-1 with the U.S. Securities and Exchange Commission for a planned initial public offering. The Claude maker hasn’t set share count or price yet.
Anthropic’s latest filing is getting attention after the company raised $65 billion at a $965 billion valuation, one of the highest marks for private AI firms. A future public filing could show investors for the first time how much revenue Anthropic makes, the scale of its losses, customer details and how much it spends on computing for Claude.
The push also heats up the fight between top AI players looking to raise funds in equity markets. Reuters said OpenAI is set to confidentially file for a U.S. IPO within weeks. SpaceX is working on a $75 billion deal valuing the company at $1.75 trillion.
Companies use a draft S-1 as the main IPO filing, but they can send it in confidentially so SEC staff can review it before others see it. For 2025, the SEC is keeping the rule that public filings are needed before any deal moves ahead but has expanded how issuers can use nonpublic reviews.
Anthropic reported last week that its annualized revenue hit $47 billion in May. The company said the latest funding will go toward safety research, more computing, and expanding Claude products for its customers.
Anthropic CFO Krishna Rao said the new funding will let the company handle “historic demand” and get Claude into more locations “where work happens.” Altimeter Capital’s Brad Gerstner, founder and CEO, said recent improvements had led to “large-scale adoption” of Claude by demanding organizations. Anthropic
Anthropic has acted quickly since February, when it said it raised $30 billion in Series G funding, giving it a $380 billion post-money valuation. The company at that time said run-rate revenue hit $14 billion and it had over 500 customers each spending at least $1 million per year.
Claude is up against OpenAI’s ChatGPT and Google’s Gemini in the race for business, developer and cloud clients. Anthropic said Claude now runs on Amazon Web Services, Google Cloud and Microsoft Azure. The company has deals with Amazon, Google, Broadcom and SpaceX to get extra compute.
But it’s still tough to gauge the economics ahead of the public filing. AP said Anthropic, OpenAI and SpaceX are all losing more than they bring in, which has sparked worry that investor interest in AI is outpacing real profits.
Uncertainty remains over a key compute deal. Elon Musk said SpaceX’s lease of Colossus AI training to Anthropic is for 180 days with a mutual 90-day cancellation window, but it could last longer. Reuters said SpaceX’s AI segment lost about $2.5 billion from operations in the March quarter, on $818 million in segment revenue.
Questions are piling up around the valuation. Investor Michael Burry said on social media there’s “no guarantee” Anthropic gets close to a $1 trillion price tag. He said building frontier AI models is “far too expensive,” and warned that compute could end up more like a commodity. Business Insider
Anthropic’s IPO filing brings the conversation on high-profile AI deals to the front. Renaissance Capital’s 2026 IPO outlook had listed Anthropic, OpenAI, and SpaceX among big names still private, stuck in a backlog as they wait for public market conditions. Now, Anthropic’s move gives a real test—will public investors match the high private-market prices for fast-growing AI firms?
