Startups

Anthropic files confidentially for IPO at $965 billion valuation, beating OpenAI to the SEC

The Claude maker submitted a draft S-1 on Monday, days after closing a $65 billion Series H, setting up a potential fall debut ahead of OpenAI and behind SpaceX.

By Giulia Donatello · Startups & funding · 2026-06-09 · 3 min read

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

Anthropic PBC confidentially submitted a draft Form S-1 to the SEC on Monday, disclosed via a terse company blog post, putting the Claude maker formally in line for a public listing at a $965 billion private valuation. The filing lands less than a week after Anthropic closed a $65 billion Series H co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners, a cap table that reads less like a venture round and more like a pre-IPO syndicate practicing its lines.

Bloomberg frames the move as Anthropic potentially leapfrogging OpenAI in the race to Wall Street, with a possible debut as soon as this fall. The sequencing matters. OpenAI is readying its own confidential paperwork. Elon Musk’s SpaceX, which submitted on April 1 and disclosed a public prospectus on May 20, is gearing up for a roadshow and plans to debut next week. Asked on CNBC about Anthropic’s filing, Sam Altman said ChatGPT’s parent would go public “when we think it makes sense.”

The financials are doing the talking. Anthropic disclosed a $47 billion revenue run rate in May, against roughly $10 billion in annual revenue the year prior. SiliconAngle, citing sources, reports the company may have closed its first profitable quarter over the weekend, though sources previously told CNBC that profitability required Q2 revenue above $10.9 billion. Claude Code, the programming assistant, cleared a $2.5 billion annualized run rate in under a year of general availability. As of February, more than 500 customers were spending over $1 million per year.

The compute bill is the other half of the story. Last month Anthropic struck an agreement to pay SpaceX $1.25 billion per month for capacity at the Colossus 1 data center in Memphis, Tennessee, through May 2029. The two companies filing into the same IPO window are also, functionally, each other’s largest counterparties.

One disclosed risk factor: Anthropic’s ongoing litigation against the Trump administration over a Pentagon blacklisting. It’s the rare S-1 where the named adversary is the executive branch.

Sources