Anthropic Prepares for a $965 Billion IPO, Aiming to Beat OpenAI to Market

In recent hours, Anthropic has confidentially filed with the SEC a draft registration on Form S-1, marking the formal first step toward its IPO. The company, which develops Claude, confirmed this in an announcement on its blog, clarifying that the number of shares and the price have not yet been set and that the operation will depend on market conditions and regulatory review.

The decision is not a surprise, and just last week, Anthropic had closed a Series H round of $65 billion, bringing its post-money valuation to $965 billion: a figure that for the first time surpasses the $852 billion attributed to OpenAI, its perpetual rival. The S-1 filing shortly thereafter continues that trajectory.

The Numbers Behind the Valuation

On the financial front, Anthropic arrives at the filing with a rapidly accelerating trajectory. The company expects revenues of $10.9 billion in the second quarter of 2026, more than double the $4.8 billion from the first quarter, and estimates an operating profit of $559 million: it would be the first profitable quarter since its founding in 2021. The annualized revenue has exceeded $47 billion, and according to indications given to investors, it should surpass $50 billion by the end of July.

On an annual basis, the $10.9 billion in quarterly revenues amounts to about $44 billion: at a $965 billion valuation, the stock would be positioned around 22 times revenue, a multiple that assumes sustained growth. The estimated operating profit also corresponds to a margin of about 5%, thin for a company aiming for a $1 trillion valuation: the computing costs for cutting-edge models remain high and could compress margins as the business expands.

The Race to Wall Street

The filing fits into an extraordinary window for IPOs. SpaceX has already submitted the documentation for what is expected to be the largest IPO ever, while OpenAI is preparing its own confidential filing, with a debut expected in the fall and a valuation that could reach $1 trillion. Being the first to file can give Anthropic an advantage, as those who enter the market first tend to set the valuation benchmark for the entire sector.

However, there is a sticking point that is likely to weigh on the prospectus once it is made public. Anthropic is involved in a legal dispute with the U.S. government after the Pentagon classified it as a risk to the supply chain, a designation typically reserved for foreign adversaries, following the company's refusal to grant the military unlimited access to its models. A federal appeals court has denied the request to suspend the classification pending the lawsuit, and the company has stated that the designation could jeopardize billions of dollars in revenue.

For now, the most anticipated document remains sealed. As it is a confidential filing, Anthropic's detailed accounts will not be accessible until the SEC completes its review and the company makes the prospectus public. It is at that point that the market will be able to assess the actual solidity of the valuation.