TL;DRAnthropic has confidentially filed S-1 paperwork for an IPO, potentially beating rival OpenAI to the public market this fall. The filing follows a $65 billion funding round at a $965 billion valuation and projected Q2 revenue of $10.9 billion, with Anthropic on pace for its first profitable quarter.
Anthropic has confidentially submitted draft registration paperwork for an initial public offering with the Securities and Exchange Commission, the company announced in a blog post on Monday. The number of shares to be offered and the price have not been set. The filing positions Anthropic to potentially reach the public market as soon as this fall, ahead of rival OpenAI, which is also preparing its own confidential IPO filing in the coming weeks.
The move comes days after Anthropic raised $65 billion in a funding round at a $965 billion valuation, eclipsing OpenAI’s valuation for the first time. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are expected to be under consideration for lead underwriting roles on both Anthropic’s and OpenAI’s listings.
The revenue trajectory
Anthropic’s financial growth over the past 12 months has been extraordinary even by AI startup standards. The company’s annualised revenue run rate was $4 billion in July 2025. By January 2026 it had surpassed $9 billion. Anthropic has told investors that the run rate will exceed $50 billion by the end of July, representing roughly an 80-fold increase in annualised revenue over two years.
