Anthropic Files for IPO at $965B Valuation, Surpasses OpenAI

Anthropic, the artificial intelligence lab behind the Claude chatbot, confidentially filed for an initial public offering on June 1, 2026, just days after closing a $65 billion Series H funding round. The filing valued the company at $965 billion, making it the most valuable AI startup in the world and surpassing OpenAI’s $852 billion valuation. This move opens the door for retail investors to own a slice of one of Earth’s most valuable private enterprises.

How Anthropic Became Worth Nearly $1 Trillion

Anthropic’s valuation has skyrocketed in just 16 months. In March 2025, the company was valued at $61.5 billion. By February 2026, a Series G round pushed it to $380 billion. The June Series H round jumped the valuation to $965 billion, just below the psychologically significant $1 trillion mark. Founded in 2021 by researchers who left OpenAI, Anthropic has no revenue history yet generates roughly $0.23 in annualized recurring revenue for every dollar it has raised, roughly double OpenAI’s ratio.

Morgan Stanley and Goldman Sachs Lead the Underwriting

Morgan Stanley and Goldman Sachs have been appointed as joint lead underwriters for Anthropic’s IPO, with JPMorgan Chase also participating. More banks could be added to the underwriting team. The IPO could launch as early as October 2026, though the timing depends on market conditions and SEC review. The number of shares and offer price have not yet been set.

Amazon and Google’s Billions at Stake

Amazon’s investment in Anthropic has grown dramatically. The company first invested $8 billion starting in 2023 and deployed another $5 billion in May 2026. Amazon’s stake is now worth roughly $74 billion on paper, split between $42.2 billion in convertible notes and $32 billion in nonvoting preferred stock. Amazon booked $16.8 billion in pre-tax gains from its Anthropic position in Q1 2026 alone, including $12.3 billion from an upward revaluation. The two companies are deeply intertwined: Anthropic has committed to spend more than $100 billion on Amazon’s chips and cloud infrastructure over the next decade.

The Race With OpenAI Heats Up

Anthropic is not alone in the IPO queue. OpenAI is also preparing its own confidential S-1 filing and CEO Sam Altman has said he intends for OpenAI to go public before Anthropic. However, Anthropic appears to have the edge financially. The company projects positive cash flow by 2028 and expects to achieve its first operating profit of approximately $559 million in Q2 2026, making it the first frontier large model company to reach quarterly profitability. SpaceX is also preparing to go public and could list first, with both AI companies racing to become the second company ever to go public near or above a $1 trillion valuation.

Final Thoughts

Anthropic’s IPO filing marks a shift in how the world’s most valuable companies reach public markets. With a $965 billion valuation and a path to profitability, the company is positioned to reshape AI investment for retail investors.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.