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Anthropic, the AI company behind the Claude family of models, is gearing up for what could become the largest initial public offering ever. The company filed a draft registration with the SEC on June 1, 2026, and current projections suggest it could raise more than $86 billion, blowing past SpaceX’s $75 billion IPO record.
Some market discussions have floated figures exceeding $100 billion, with a potential valuation of $2 trillion.
The road to Nasdaq
Anthropic expects to release its prospectus after Labor Day, targeting a Nasdaq listing by late September or early October 2026. Morgan Stanley, Goldman Sachs, and JPMorgan Chase are slated as underwriters.
The IPO structure includes a notable wrinkle: existing investors and employees may be allowed to sell shares. Extended lockups are reportedly under consideration. The company’s most recent private raise, a $65 billion Series H that closed in late May 2026, valued Anthropic at $965 billion. That figure already exceeded rival OpenAI’s $852 billion valuation, making Anthropic the most valuable private AI company in the world before it even hits public markets.
Revenue growth that explains the frenzy
At the end of 2025, the company’s annual revenue run-rate sat at approximately $9 billion. By mid-to-late 2026, that figure is projected to land somewhere between $47 billion and $65 billion. Investor projections estimate revenues could reach $100 billion to $120 billion by the end of 2026.
What the IPO means for the AI market
The secondary sale component of the IPO is worth watching closely. Allowing existing shareholders to sell creates immediate liquidity for early investors and employees, but it also increases the total supply of shares hitting the market at listing.
Final terms, including share count and pricing, remain undisclosed pending market conditions.
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