Anthropic has confidentially filed a draft S-1 with the SEC for a potential IPO, four days after raising $65 billion at a $965 billion valuation, overtaking OpenAI to become the world’s most valuable private AI company.
PitchBook’s Harrison Rolfes argues the filing’s defining number isn’t the valuation or revenue run rate, but gross margin, never publicly disclosed, which will either validate or collapse three years of private market narrative.
The filing lands amid a historic IPO season: SpaceX is targeting a $1.8 trillion listing around June 12, Polymarket traders are pricing a 78% chance it closes above $2 trillion on day one, and OpenAI is preparing its own S-1, with Rolfes suggesting Anthropic’s early disclosure may actually hand its rival a strategic advantage.
Anthropic has officially entered the public markets race. Today, Anthropic PBC confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission for a proposed initial public offering of its common stock, giving it the option to go public after the SEC completes its review. The number of shares to be offered and the price have not yet been set.
The filing comes four days after a landmark funding announcement. As TFN reported on May 29th, Anthropic raised $65 billion in a Series H round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia, valuing it at $965 billion, making it the most valuable private AI company in the world and overtaking rival OpenAI for the first time. OpenAI, which closed a $122 billion round at an $852 billion post-money valuation in March 2026, has since filed its own confidential S-1 with the SEC, targeting a listing as early as September 2026. Annualised revenue at Anthropic has crossed $47 billion, up from $14 billion in February, a more than threefold jump in under four months.
