Anthropic confidentially filed a draft S-1 registration statement with the SEC on June 1, 2026, targeting a Nasdaq listing in late 2026, reportedly led by Goldman Sachs, JPMorgan, and Morgan Stanley. The move comes after Anthropic's Series H funding round in May valued the company at $965 billion—the first time the firm has surpassed OpenAI's valuation (previously $852B). Anthropic is on track to raise more than $60 billion in the IPO, and has already raised roughly $145 billion across all funding rounds.
Anthropic's financials paint an unprecedented scaling story: the company grew from $1 billion in annualized revenue in early 2025 to $47 billion by May 2026, and is targeting $50 billion by end of July 2026. Bloomberg reports Anthropic expects $10.9 billion in revenue for Q2 2026 alone—more than double the prior quarter—and projects its first profitable quarter with operating profit near $559 million. Claude Code (Anthropic's AI coding agent) surpassed GitHub Copilot to become the most-used AI coding tool, with $2.5 billion in annualized revenue by February 2026.
For architects and investors, Anthropic's IPO roadshow will be a litmus test for whether pure-play frontier AI model companies can sustain unit economics under public scrutiny. Claude holds roughly 17% of US mobile chatbot market (up from under 2% in December 2025), 300,000+ business customers (70% of Fortune 100), and ~$192 in annual revenue per monthly active user—8x OpenAI's monetization per user. However, competitors are intensifying: enterprises are pulling back to prove ROI, and Amazon/Google/Meta are all building competing models and inference capacity.