Anthropic has confidentially filed S-1 IPO paperwork with the SEC, positioning itself to go public as early as fall 2026 ahead of rival OpenAI. The filing follows a $65 billion funding round at a $965 billion valuation. Anthropic projects $10.9 billion in Q2 2026 revenue — more than doubling Q1 — and expects its first profitable quarter with a $559 million operating profit. Revenue growth has been driven by enterprise demand for Claude's coding capabilities and its Mythos cybersecurity model. Key risks include a Pentagon supply-chain risk designation, thin 5% operating margins, and valuation multiples that assume continued hypergrowth. The filing sets up a potential cluster of mega-IPOs alongside OpenAI and SpaceX in fall 2026, which analysts are comparing to the dot-com era in scale.
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The revenue trajectoryThe three-way IPO raceRisks in the filingWhat it means for the market248 Impressions1 Comment