Startups

Anthropic files confidentially for IPO at $965 billion valuation, beating OpenAI to Wall Street

The Claude maker submitted a draft registration statement to the SEC on June 1, days after a $65 billion Series H pushed it past OpenAI for the first time.

By Giulia Donatello · Startups & funding · 2026-06-07 · 3 min read

Photo: Unsplash / Aditya Vyas — The facade of the New York Stock Exchange on Wall Street

Anthropic submitted a confidential draft registration statement to the SEC on June 1, formally putting the Claude maker on a path to the public markets at a $965 billion valuation that, for a company once cast as OpenAI’s smaller cousin, rewrites the pecking order of the AI build-out.

The filing arrives on the heels of a $65 billion Series H co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners, the round that, per Fortune, pushed Anthropic past OpenAI’s mark for the first time. Bloomberg reports both companies are racing toward a Wall Street debut as soon as this fall, with OpenAI expected to file confidentially within days or weeks. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are in the frame for underwriter roles on both listings. At these valuations, each company would be worth more than JPMorgan Chase or ExxonMobil, a comparison that says less about AI than it does about how compressed the timeline from research lab to systemically important institution has become.

The underlying numbers are doing the work. Anthropic said in May its revenue run rate had ballooned to $47 billion, up from $10 billion in annual revenue last year. The company expects to post $10.9 billion in second-quarter revenue, more than double the prior period, and is on pace for its first profitable quarter, with annualized run rate projected to surpass $50 billion by the end of next month.

It’s also doing this while suing the federal government. The Pentagon designated Anthropic a supply-chain risk, a label normally reserved for foreign adversaries, and the company warned that the Trump administration’s move could jeopardize billions of dollars in revenue. Defense contractors dropped Anthropic to comply; private-sector growth, per CNBC, accelerated anyway.

Wedbush Securities analyst Dan Ives called the filing “a major step” to get ahead of OpenAI and a signal of “an opening of the floodgates.” The framing matters. The last time bankers used that phrase about a tech cohort was 2020, and the cohort that followed mostly traded below issue within eighteen months. The order in which Anthropic and OpenAI list will set the comparable that every subsequent AI prospectus is measured against.

Sources