Anthropic IPO: Claude Heads to the Stock Market with a Valuation of $965 Billion

The financial world may be on the verge of one of the largest tech IPOs in history. Anthropic, the company behind the AI system Claude, confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission on June 1, 2026, officially launching the process leading to its public offering. The company was valued at as much as 965 billion USD in May 2026, up from a valuation of 380 billion USD in February.[1]

About the company

Anthropic PBC is an American company based in San Francisco that focuses on the development of artificial intelligence and research into its safety. It was founded in early 2021 by a group of former OpenAI employees led by siblings Dario Amodei and Daniela Amodei. Its best-known product is the Claude family of models, which the company offers to individuals, developers, and enterprise customers. Anthropic focuses primarily on the development of advanced artificial intelligence systems, their reliability, interpretability, and safe deployment. In approximately five years since its founding, the company has become one of the most valuable private technology companies in the world. In May 2026, it raised $65 billion in a Series H funding round at a valuation of $965 billion.[2]

The IPO is already in motion

Anthropic has not only made its first move toward going public but has also taken a concrete regulatory step. On June 1, 2026, the company confidentially filed a draft Form S-1 registration statement with the U.S. Securities and Exchange Commission for its planned initial public offering. This move allows the company to proceed with the IPO following regulatory review, though the number of shares to be offered and their price have not yet been determined. Another significant sign is the preparation of a large credit line ahead of the IPO. The planned revolving credit facility could exceed $10 billion, and major banks are competing to participate, as this could help them secure a position in the IPO itself. Anthropic is thus already preparing not only from a regulatory standpoint but also financially. Although the company has not yet confirmed the exact date of its IPO, current information suggests the possibility of an IPO as early as 2026. What is particularly important for investors is that this is not a distant consideration on the part of management, but a process that has been formally launched. If conditions in the financial markets do not deteriorate, Anthropic could be one of the most closely watched new listings on the U.S. stock market as early as this year.[3][4] [1]

From $9 billion to more than $65 billion

Anthropic’s strongest argument ahead of its IPO is the pace at which it can convert growing interest in Claude into revenue. At the end of 2025, the company’s annual revenue rate stood at approximately $9 billion. By February 2026, it had reached $14 billion; in April, it surpassed $30 billion; and in May, it exceeded $47 billion. By the end of July 2026, it had surpassed $65 billion. In approximately seven months, this figure thus increased by more than $56 billion and exceeded seven times the level recorded at the end of the previous year. At the same time, Anthropic presented investors with a revenue estimate for 2028 of approximately $190 to $200 billion. It is important to distinguish between actual reported annual revenue and annual revenue growth rate, which reflects the current level of revenue extrapolated to a full year. Even after accounting for this difference, however, the figures demonstrate exceptionally strong commercialization of the products and “Claude.” Anthropic’s ability to continue increasing revenue will be one of the key factors Wall Street will consider when determining the company’s valuation at its IPO.1[5][6] [2]

Claude has dominated the lucrative enterprise segment

Anthropic’s growth isn’t driven solely by the popularity of its consumer chatbot. Businesses, developers, and large organizations that integrate Claude directly into their workflows are playing an increasingly important role. In February 2026, Anthropic had more than 500 enterprise customers, each of which spent more than $1 million annually on Claude. Less than two months later, that number exceeded 1,000. Anthropic also reported that 8 of the 10 largest companies on the Fortune 10 list were using Claude, and the number of customers spending more than $100,000 annually had increased sevenfold over the previous 12 months. A key driver is Claude Code, which was already generating an annual revenue run rate of more than $2.5 billion as of February 2026. Corporate subscriptions to Claude Code have quadrupled since the beginning of 2026, and enterprise usage accounted for more than half of its revenue. Data from Menlo Ventures also estimates that in 2025, Anthropic captured approximately 40% of enterprise spending on large language models, and Claude captured approximately 54% of the market for AI tools used in programming. These figures are not audited market shares, but they illustrate why the enterprise segment may be one of the most valuable parts of the entire investment story.[7][8][9]

Anthropic is building infrastructure worth hundreds of billions of USD

Such growth requires a massive amount of computing power, and Anthropic is already preparing for the next phase of expansion. In April 2026, the company signed an agreement with Amazon under which it committed to spending more than $100 billion on AWS technologies over the next 10 years and secured up to 5 gigawatts of capacity for training and running Claude models. At that time, Anthropic was already using more than 1 million Amazon Trainium2 processors, and more than 100,000 customers were running Claude via Amazon Bedrock. At the same time, the company signed an agreement with Google and Broadcom for an additional 5 gigawatts of computing capacity, which is set to come online gradually starting in 2027. In May, the company also added an agreement with SpaceX, through which it gained access to more than 220,000 NVIDIA graphics processing units with a combined power output exceeding 300 megawatts. Anthropic also has a strategic partnership with Microsoft and NVIDIA, which includes 30 billion USD worth of Azure capacity. The advantage of this overall strategy is diversification across AWS, Google Cloud, and Microsoft Azure. However, the scale of these agreements also highlights how much capital will be needed to sustain growth. For investors, therefore, the decisive factors in the IPO will be not only the pace of revenue growth but also how much revenue remains after paying for computing infrastructure.[10][11][12]

Can Anthropic surpass the $2 trillion mark?

The biggest question surrounding the upcoming IPO will not be the quality of the technology or the pace of growth, but the price Wall Street will be willing to pay. In February 2026, Anthropic raised $30 billion at a valuation of $380 billion. Then, on May 28, it closed another funding round of $65 billion, which valued the company at $965 billion. In roughly three and a half months, its valuation thus increased by $585 billion. At the same time, the IPO is also considering scenarios that, if aggressive growth plans are met, could support a valuation approaching $2 trillion. At the current annual revenue growth rate of more than $65 billion, a valuation of $965 billion would represent approximately 15 times revenue. A valuation of $2 trillion would represent approximately 31 times the current annual revenue rate. If Anthropic were to achieve its projected revenue of $190 to $200 billion in 2028, a $2 trillion valuation would still correspond to approximately 10 times future annual revenue. At the same time, the company faces low margins due to high costs for computing infrastructure and model development. Anthropic may thus enter the stock market with an exceptionally strong growth story, but the ultimate potential of its shares will depend on how much of the expected success is already factored into the offering price.6[13][14] [3]

Conclusion

Anthropic is now at a point where its value depends not only on its current results, but primarily on its ability to maintain an extraordinary pace of growth in the coming years. The combination of an annual revenue growth rate exceeding $65 billion, a rapidly growing number of enterprise customers, Claude’s strong position in programming, and extensive investments in computing infrastructure creates one of the strongest growth stories in today’s technology market. The upcoming IPO could also open the door for Anthropic to raise additional capital and significantly expand the pool of investors who will be able to participate in its growth. The question, however, remains regarding the price, as the latest valuation reached $965 billion, and a substantially higher valuation could be on the table upon the company’s IPO. If Anthropic can meet its projected revenue of $190 to $200 billion by 2028, improve its margins, and maintain its technological leadership, the current valuation may not represent the final peak. It is precisely the final offering price that will determine whether the Anthropic IPO ranks among the most interesting investment opportunities of the AI era or among those stocks for which investor expectations will be exceptionally high from day one. [4]

[1,2,3,4] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or on the current economic environment, which is subject to change. Such statements are not guarantees of future performance. They involve risks and other uncertainties that are difficult to predict. Actual results may differ materially from those expressed or implied in any forward-looking statements.

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[1] https://www.reuters.com/technology/anthropic-revenue-run-rate-tops-65-billion-source-says-2026-08-17/

[2] https://en.wikipedia.org/wiki/Anthropic

[3] https://www.reuters.com/legal/transactional/anthropics-pre-ipo-credit-facility-set-exceed-10-billion-bloomberg-news-reports-2026-08-18/

[4] https://www.anthropic.com/news/confidential-draft-s1-sec?hsLang=en-us

[5] https://www.anthropic.com/news/series-h?939688b5_page=1&refid=f12170c9-3765-478f-9679-5ed11bf6510b

[6] https://www.reuters.com/business/anthropic-ipo-valuation-hinges-190-200-billion-2028-revenue-forecast-sources-say-2026-08-15/

[7] https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation?pubDate=20250818

[8] https://www.anthropic.com/news/google-broadcom-partnership-compute?gsid=44d84525-2cee-4a37-a6d7-ff2c2aa95f78

[9] https://menlovc.com/perspective/2025-the-state-of-generative-ai-in-the-enterprise/

[10] https://www.anthropic.com/news/google-broadcom-partnership-compute?subjects=claude

[11] https://www.anthropic.com/news/anthropic-amazon-compute?trk=em_98245

[12] https://www.anthropic.com/news/higher-limits-spacex?sc_ref=oVuLjXnh32P7Rgry&type=annual

[13] https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation?uncat=6

[14] https://www.anthropic.com/news/series-h?hl=en-US