Anthropic, the company behind the Claude AI model, filed confidentially with the US Securities and Exchange Commission for a public listing on June 1, 2026 — just days after closing a $65 billion Series H funding round that valued the company at $965 billion. The targeted listing window is October 2026 on NASDAQ.
The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, and pushed Anthropic’s valuation past OpenAI’s — which was last reported at $852 billion in March 2026 — for the first time. It’s a striking reversal for a company founded in 2021 by former OpenAI researchers who were concerned the industry was moving too fast without adequate safety guardrails.
The revenue trajectory is what’s drawing investor interest. Anthropic reported $4.8 billion in quarterly revenue in Q1 2026 and is projecting $10.9 billion for Q2 — more than doubling in a single quarter and exceeding the company’s entire 2025 annual revenue. However, operating margins remain thin at roughly 5%, reflecting the enormous cost of running frontier AI models at scale.
Unlike OpenAI, which is still navigating a complex conversion from non-profit to for-profit status, Anthropic operates as a traditional venture-backed corporation — giving it a simpler path to a public listing.
The IPO, if it proceeds, would be one of the largest technology debuts in US market history, potentially ranking Anthropic among the top 50 most valuable publicly listed companies on its first trading day.
