The company behind Claude has officially entered the public markets process. On June 1, Anthropic submitted a confidential S-1 draft registration to the U.S. Securities and Exchange Commission, setting the stage for what Wall Street analysts are already positioning as one of the largest technology IPOs ever attempted.
According to Fortune and Bloomberg, which first confirmed the filing, Anthropic submitted the paperwork just days after closing a $65 billion Series H funding round on May 28, a raise that pushed its post-money valuation to $965 billion and surpassed OpenAI’s valuation for the first time. “The number of shares to be offered and the price have not yet been set,” the company said in a statement published the same day.
The revenue trajectory behind those numbers is striking. CNBC reported that Anthropic’s revenue run-rate reached approximately $47 billion in May 2026, compared to roughly $10 billion at the same point last year. That growth curve, nearly fivefold in twelve months, is what gave investment banks confidence to anchor the deal near a $1 trillion debut valuation, according to financial analysts tracking the filing.
Amazon and Google are the company’s two largest institutional backers. Amazon has committed up to $4 billion in strategic investment and Google has contributed a reported $2 billion in equity and convertible debt, both of which will become publicly disclosed obligations once the full S-1 is filed for public review, CNBC noted.
The filing arrives at an unusual moment for the AI industry. While Anthropic’s civilian and enterprise business has surged, the company was dropped by several defense contractors earlier this year after the Pentagon blacklisted it in a dispute over AI policy. That setback, paradoxically, appears to have accelerated growth on the private sector side, as businesses looking for an alternative to OpenAI turned to Claude in increasing numbers.
Fortune reported that Anthropic is expected to join SpaceX and OpenAI as one of three potential trillion-dollar listings in 2026, a concentration of mega-cap technology debuts that has no historical precedent on Wall Street.
At nearly a trillion dollars, the question investors are asking is not whether Anthropic is valuable, it’s whether any company is worth that much before it has ever been publicly accountable.