SAN FRANCISCO — In what may be the most consequential corporate finance story of 2026, Anthropic has confidentially filed its IPO prospectus with the Securities and Exchange Commission, setting the stage for a Wall Street debut that analysts widely expect to cross the trillion-dollar threshold. The filing, confirmed on June 1, came just days after the Claude maker closed a staggering $65 billion Series H funding round at a $965 billion post-money valuation — surpassing rival OpenAI’s $852 billion private market valuation for the first time. ‘This gives us the option to go public after the SEC completes its review,’ the company said in a statement. No shares or pricing have been set yet.
The sheer scale of Anthropic’s rise is difficult to overstate. According to the company, its revenue run rate hit approximately $47 billion in May 2026, up from roughly $10 billion just a year prior — a nearly five-fold increase in twelve months. The company expects Q2 2026 revenue alone to reach $10.9 billion, which would exceed its entire estimated 2025 annual revenue in a single quarter. Sources familiar with the matter say Anthropic is targeting an October 2026 listing on the Nasdaq, a window that, if markets cooperate, could rank it among the fifty most valuable publicly traded companies in the United States on day one.
The Series H round itself was a landmark event. Co-led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, the round drew participation from institutional heavyweights including Blackstone, Baillie Gifford, Fidelity, DST Global, and D.E. Shaw Ventures. Strategic infrastructure partners Samsung, SK Hynix, and Micron also joined, signaling how deeply the company’s compute ambitions are intertwined with the global chip supply chain. A portion of the round — $15 billion — consisted of previously committed investments from hyperscalers, including $5 billion from Amazon. Simultaneously, Apollo Global Management and Blackstone arranged a $36 billion private credit facility to purchase Google TPU chips on Anthropic’s behalf, making the combined capital raise approach nearly $100 billion in total financing arranged in a single transaction cycle.
Underpinning the stratospheric valuation is Anthropic’s dominance in enterprise AI coding. The company’s Claude Code assistant has become the product that defined the current frontier, with competitors at Google, Microsoft, and OpenAI scrambling to catch up. Claude Code alone was reportedly generating $2.5 billion in annualized revenue as far back as February 2026, and the growth has only accelerated since. The company’s infrastructure commitments are equally jaw-dropping: Anthropic has agreed to pay SpaceX $1.25 billion per month through May 2029 for access to compute at the Colossus 1 data center in Memphis — a $15 billion annual infrastructure bill that will be a defining line item in its S-1 margins discussion once the prospectus goes public.
The IPO filing also throws down a competitive gauntlet to OpenAI, which we have learned is preparing its own confidential filing for a potential debut as early as this fall. OpenAI CEO Sam Altman pushed back on the notion of a race, saying the company will go public ‘when we think it makes sense.’ But with Anthropic now first in line with the SEC, the narrative pressure is real. Together with SpaceX’s imminent Nasdaq debut at a targeted $1.75 trillion valuation, 2026 is shaping up as the most significant IPO cycle the technology sector has seen in a generation — one that will force public markets to render a verdict, at last, on whether the AI boom is a durable economic transformation or the most expensive bet Wall Street has ever made.
Originally reported by TechCrunch. Analysis by the FastCustomAI Editorial Team.