Anthropic Confidentially Files S-1, Sets Up Largest AI IPO at $965B Valuation
On June 1 Anthropic submitted a draft S-1 to the SEC, getting in front of OpenAI's expected filing and putting a $47B revenue run rate in front of public-market scrutiny for the first time.
Anthropic confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on June 1, 2026, the company confirmed in a one-paragraph note on its newsroom. The filing puts Anthropic ahead of OpenAI, which is widely reported to be preparing its own confidential filing for later this year and which had been expected to be the first frontier lab to file. The number of shares and the offering price have not been set; the document is not yet public.
The numbers around the filing are the receipts that make it interesting. Anthropic's most recent private round closed at a $965B post-money valuation, and the company disclosed in May that its annualized revenue run rate had reached $47B, up from roughly $10B in trailing annual revenue a year earlier. That is the kind of compounding curve that ordinarily exists only on private pitch decks, and the S-1 will force the company to translate it into the GAAP language of contracted ARR, gross margin, training-cost amortization, and concentration risk — the four numbers Wall Street will actually price.
The strategic read is that Anthropic is choosing to be the public-market reference price for the frontier-AI sector before OpenAI gets the chance. Once the S-1 review is complete, Anthropic can list on its own timetable rather than into the slipstream of a larger competitor's roadshow. The filing arrives the same week Microsoft used Build 2026 to unveil in-house foundation models built without OpenAI data, sharpening the question of whether frontier-lab revenue is structurally distributor-dependent — exactly the question a prospective IPO buyer will want answered in the risk-factors section.
Anthropic — Anthropic confidentially submits draft S-1 to the SEC → · CNBC — Anthropic confidentially files IPO prospectus with SEC, prepping Wall Street for landmark AI deal → · TechCrunch — Anthropic files to go public →