Investors scramble for Anthropic exposure ahead of what could be the largest tech IPO in history

Anthropic, the AI company behind Claude, filed a confidential S-1 registration with the SEC on June 1, setting the stage for a potential IPO. The company’s latest valuation sits at $965 billion following a $65 billion Series H round in late May, and expectations for the public listing range between $1 trillion and $2 trillion.

The numbers behind the frenzy

Anthropic’s revenue run-rate surged to approximately $47 billion by May 2026, roughly tripling from the $9 to $10 billion range it sat at by end of 2025. By July, that figure had already exceeded $65 billion.

The growth engine is enterprise adoption. Anthropic’s Claude models have found their way into corporate workflows across industries, buoyed by strategic partnerships with two of the biggest cloud platforms on the planet. Amazon has poured cumulative commitments totaling tens of billions into the company, while Alphabet holds an equity stake of roughly 14%.

Pre-IPO access is the new gold rush

Forge Global and EquityZen are both facilitating pre-IPO share transactions, though minimum investment thresholds are expected to be substantial, effectively limiting access to qualified and institutional investors. Anthropic itself has issued warnings against unauthorized special purpose vehicles and trading arrangements tied to its shares.

On the institutional side, discussions with Nvidia suggest the chipmaker could serve as an anchor investor in the IPO, potentially committing up to $10 billion. Goldman Sachs, JPMorgan, and Morgan Stanley are reportedly in the mix as possible underwriters.

The road to listing

Anthropic’s CFO has been conducting informal investor briefings, with a more formal investor day expected in mid-September. The IPO itself is anticipated for the October to November window.

At a $1 trillion listing price and a $65 billion revenue run-rate, Anthropic would trade at roughly 15 times revenue. At the upper end of the expected range, a $2 trillion valuation would push that multiple above 30 times.

What investors should be watching

The biggest risk for pre-IPO buyers is straightforward: secondary market pricing may already reflect the optimistic end of IPO expectations. If Anthropic lists at $1 trillion rather than $2 trillion, investors who paid premiums on secondary platforms could find themselves underwater on day one.

Amazon and Google together represent an enormous share of the company’s financial and distribution support. An IPO would give Anthropic access to public capital markets and reduce its dependence on any single investor.

The September investor day will likely be the most important data point before the listing, where revenue growth sustainability, margin trajectory, and the competitive moat around Claude’s enterprise deployments will come under scrutiny.

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