--- title: Anthropic files confidentially for IPO at near-$1... description: Anthropic has filed a confidential S-1 with the SEC, targeting a potential IPO as early as fall 2026 at a near-$1 trillion valuation. The filing follows a $65... canonical: https://daily.dev/posts/anthropic-files-confidentially-for-ipo-at-near--1-trillion-valuation-ubxfutbqr twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: Anthropic files confidentially for IPO at near-$1 trillion valuation | daily.dev og:description: Anthropic has filed a confidential S-1 with the SEC, targeting a potential IPO as early as fall 2026 at a near-$1 trillion valuation. The filing follows a $65... og:url: https://daily.dev/posts/anthropic-files-confidentially-for-ipo-at-near--1-trillion-valuation-ubxfutbqr og:image: https://api.daily.dev/og/posts/ubxFutBQr.png og:image:alt: Anthropic files confidentially for IPO at near-$1 trillion valuation og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Anthropic files confidentially for IPO at near-$1 trillion valuation **[Collections](https://daily.dev/sources/collections)** · 3 min read · 2 upvotes · 0 comments ## Summary Anthropic has filed a confidential S-1 with the SEC, targeting a potential IPO as early as fall 2026 at a near-$1 trillion valuation. The filing follows a $65 billion Series H round at a $965 billion valuation. Annualized revenue hit $47 billion in May 2026, with Q2 2026 projected at $10.9 billion and the company's first profitable quarter expected. A major cost detail: Anthropic pays xAI $1.25 billion per month for 325,000 Nvidia chips, totaling roughly $15 billion annually in compute. Risks include thin ~5% operating margins, a Pentagon supply-chain risk designation after Anthropic declined unrestricted military model access, and a valuation that assumes continued hypergrowth. Both Anthropic and OpenAI have now filed confidential S-1s, with analysts comparing the potential fall 2026 IPO cluster to the dot-com era. ## Content Anthropic has submitted a confidential S-1 registration statement to the SEC, setting up a potential public listing as early as fall 2026. The filing came less than a week after the company closed a $65 billion Series H round at a $965 billion valuation, co-led by Altimeter Capital and Sequoia Capital. Morgan Stanley and Goldman Sachs are leading the offering, with JPMorgan also involved. No share count or price has been set yet — timing depends on market conditions, but October is the current target. ## The numbers Annualized revenue crossed $47 billion in May, up from roughly $9 billion at the end of 2025. The company projects $10.9 billion in Q2 2026 revenue — more than doubling Q1 — and expects its first profitable quarter, with a projected $559 million operating profit. The longer-term target is a $50 billion revenue run rate by July 2026. Growth has been driven largely by enterprise demand for Claude's coding capabilities and its Mythos cybersecurity model. Operating margins are thin at around 5%, and the valuation multiples baked into the filing assume that hypergrowth continues. ## The compute situation One detail that surfaced through SpaceX's own S-1 filing: Anthropic is paying xAI $1.25 billion per month for 325,000 Nvidia chips through May 2029 — roughly $15 billion a year in compute costs alone. Anthropic co-founder Daniela Amodei, speaking at the Bloomberg Tech conference, explained the company's deliberate choice not to build its own data centers. The reasoning is straightforward: avoid overextending on capital-intensive infrastructure when you can buy compute instead. Whether that logic holds at this scale is a fair question. For context, SpaceX also has a $920 million per month deal with Google for AI computing. Elon Musk's infrastructure is quietly becoming a critical dependency for his competitors. ## Risks worth noting The Pentagon designated Anthropic as a supply-chain risk after the company declined to provide unrestricted military model access. That designation is sitting in the filing as a material risk factor. Combined with thin margins and a valuation that prices in continued explosive growth, there's real pressure on execution. ## The race with OpenAI Both Anthropic and OpenAI have now filed confidential S-1s with the SEC — Anthropic's was submitted June 1st. The two companies are competing for the same underwriting banks and the same pool of institutional capital. SpaceX is also targeting a listing at a $2 trillion valuation. Analysts are already comparing the potential fall 2026 IPO cluster to the dot-com era in sheer scale. Amodei pushed back on broader skepticism about AI returns at the Bloomberg conference, arguing that businesses are still early in figuring out how to deploy AI effectively. That's probably true. It's also the kind of thing you say before an IPO roadshow. ## Similar posts on daily.dev - [Anthropic raises $65 Billion, nears $1T valuation ahead of IPO](https://daily.dev/posts/anthropic-raises-65-billion-nears-1t-valuation-ahead-of-ipo-sgkrla5x1) · TechCrunch · 10 upvotes · 4 comments --- Tags: [#openai](https://daily.dev/tags/openai), [#claude](https://daily.dev/tags/claude), [#anthropic](https://daily.dev/tags/anthropic), [#ipo](https://daily.dev/tags/ipo) [View this post on daily.dev](https://daily.dev/posts/anthropic-files-confidentially-for-ipo-at-near--1-trillion-valuation-ubxfutbqr) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"Anthropic files confidentially for IPO at near-$1 trillion valuation","url":"https://daily.dev/posts/anthropic-files-confidentially-for-ipo-at-near--1-trillion-valuation-ubxfutbqr","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/anthropic-files-confidentially-for-ipo-at-near--1-trillion-valuation-ubxfutbqr"},"datePublished":"2026-06-02T00:16:29.249Z","dateModified":"2026-06-08T22:11:38.158Z","description":"Anthropic has filed a confidential S-1 with the SEC, targeting a potential IPO as early as fall 2026 at a near-$1 trillion valuation. 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