Anthropic officially filed confidentially on June 1, 2026 for an initial public offering (IPO) with the Securities and Exchange Commission (SEC), targeting a record $2 trillion valuation. If the transaction closes this fall, it would become the largest IPO in history, surpassing SpaceX’s $1.77 trillion record and reflecting Wall Street’s insatiable appetite for artificial intelligence plays.
🔑 Key Takeaways
- Confidential S-1 filing on June 1, 2026; public prospectus expected in October; Nasdaq listing targeted for fall 2026.
- $2 trillion target valuation — double the $965 billion private round from May 2026 — with a raise exceeding $100 billion.
- Annualized revenue surged from $9 billion (end of 2025) to $65+ billion (end of July 2026), projected at $100-120 billion by year-end.
- 2025 operating losses: $8.06 billion on $4.59 billion of revenue (+1,088% YoY).
- Long-term cloud and compute commitments: $518 billion, or 25x available cash reserves.
Confidential filing and IPO objectives
According to several US media outlets and the Financial Times, Anthropic has chosen the Nasdaq and is preparing the ground for a fall 2026 listing. Goldman Sachs, JPMorgan, and Morgan Stanley are reportedly leading the deal, which could mobilize more than $100 billion according to the New York Times — a volume greater than the $85.7 billion raised by SpaceX in June at a $1.77 trillion valuation.
This target doubles the $965 billion valuation set during the last private funding round (Series H) closed at the end of May 2026. Bloomberg reported that Anthropic « expects to match or exceed » SpaceX’s record.
“A company growing at 800% annually could trade at a minimum of 30x revenue, which would value Anthropic at $3 trillion.”
Institutional investor quoted by the Financial Times
Hyperliquid: the decentralized pre-IPO barometer
In the absence of a public prospectus, a speculative market has developed on the decentralized exchange Hyperliquid, where perpetual futures track Anthropic’s pre-IPO valuation. According to Heng Yu Lee, partner at market maker DWF Labs, the implied market cap reached an all-time high of approximately $2.36 trillion, sitting around $2.15 trillion at the time of writing.
“The premium incorporates available public information, such as expected revenue figures and anticipated demand for the stock. At this stage, I would not lean too heavily on the absolute price level, since we don’t yet have a public S-1.”
Heng Yu Lee, partner at DWF Labs
One of the fastest revenue ramps in tech history
Anthropic’s revenue trajectory has been historic. According to Reuters and Euronews, annualized revenue jumped from $9 billion at the end of 2025 to more than $65 billion at the end of July 2026. Investors polled by the Financial Times believe annualized revenue could reach $100 to $120 billion by year-end 2026, more than ten times its level at the start of the year.
| Period | Annualized Revenue ($B) | Change |
|---|---|---|
| End of 2025 | 9 | — |
| February 2026 | 14 | +56% |
| March 2026 | 19 | +36% |
| April 2026 | 30 | +58% |
| May 2026 | 47 | +57% |
| End of July 2026 | 65+ | +38% |
In Q2 2026, Anthropic’s sales exceeded $11.6 billion, surpassing OpenAI’s ($6.7 billion) for the first time, according to several outlets cited by Le Figaro. Claude Code, the company’s coding assistant, reached more than $2.5 billion in annualized revenue by February 2026, becoming a major contributor to growth.
Massive losses and staggering commitments
Despite this growth, Anthropic remains heavily loss-making. According to the prospectus reviewed by CryptoAst, operating losses reached $8.06 billion in 2025 on $4.59 billion of revenue, up 1,088% year-over-year. Compute and infrastructure spend surged 190% to $7.33 billion, exceeding revenue. Net losses hit roughly $42 billion in 2025, about five times the prior year (Reuters, Bloomberg).
To finance these losses, Anthropic held $20.28 billion in cash and short-term investments at the end of 2025. Against that, the company has committed to spend approximately $518 billion on cloud services, compute, and infrastructure over the coming years — more than 25x its current reserves.
Amazon, Google, and Salesforce: the strategic backers
Anthropic’s funding history reflects unprecedented institutional appetite. The latest Series H round in May 2026 raised $65 billion at a $965 billion valuation, including $15 billion in pre-announced hyperscaler commitments. Series G (February 2026) had raised $30 billion at $380 billion, with GIC and Coatue. Series F (September 2025) had mobilized $13 billion at $183 billion.
| Investor | Commitment | Details |
|---|---|---|
| Amazon | Up to $33B | + $100B+ AWS spend over 10 years |
| Alphabet / Google | Up to $40B | ~14% stake (capped at 15%), $10B immediate at $350B valuation |
| Salesforce | ~$5B stake | June 2026 |
| GIC, Coatue | Series G | $30B at $380B (Feb 2026) |
Existential risks and the call to slow down
In its prospectus, Anthropic warns that frontier AI could pose « catastrophic or existential risks to humanity ». The company dedicates roughly 80 of 261 pages to risk factors, nearly double the 48 pages describing its business — compared to SpaceX’s 38 of 277. Evan Hubinger, a safety researcher at Anthropic, puts the risk of AI killing people at over 10% within the next decade. The prospectus also mentions « self-preservation behaviors », such as « resisting shutdown » or « concealing or manipulating information ».
“Dario is right.”
Elon Musk, responding to Dario Amodei’s essay
CEO Dario Amodei published an essay titled « We Must Pace the Frontier », arguing that AI companies should voluntarily slow the pace of improvement of their most powerful models. He proposes three steps: independent evaluators with employee-level access to frontier systems, coordination on safety standards among democratic-country labs, and international agreements on the most dangerous use categories. Sam Altman (OpenAI) shares this view. US President Donald Trump has, however, dismissed the argument.
“We are ahead of China on AI. […] whoever wins AI wins.”
Donald Trump, President of the United States
Commercial risks and standoff with Washington
Anthropic still faces several structural headwinds. Its two largest direct customers generate 24% of revenue on their own, creating heavy concentration. Anthropic’s flagship model costs more than 2.5x OpenAI’s, while much cheaper Chinese models are closing the performance gap. US export restrictions forced Anthropic to briefly pull its Fable 5 and Mythos 5 models in June, unsettling some customers and temporarily slowing growth.
The Trump administration severed all of its contracts with the company in March, after Anthropic refused to authorize the Pentagon to use its models for mass surveillance or autonomous lethal weapons. The dispute is now in court. In that context, OpenAI, which had also filed confidentially a week after Anthropic, announced it was dropping its 2026 IPO plans. Sam Altman told Fortune that a listing this year would be « imprudent », citing the need to make progress on safety and alignment.
Conclusion: historic record or house of cards?
If Anthropic’s IPO closes in fall 2026 on the Nasdaq, it will enter history as the largest public offering ever, surpassing the combined records of SpaceX and Aramco. Speculative pre-IPO markets on Hyperliquid, hovering around $2.15 trillion, reflect massive institutional appetite, fueled by triple-digit annualized revenue growth and strategic partnerships with Amazon, Google, and Salesforce.
But storm clouds are gathering: abysmal losses, spending commitments 25x cash reserves, customer concentration, compute costs exceeding revenue, and the breakdown of US federal contracts paint a unique risk profile for a company valued higher than the GDP of France. The S-1 publication, the pricing range, and the first trades on the Nasdaq will be the ultimate test of market confidence in the $2 trillion valuation — and, more broadly, in the entire AI sector.
Sources
- CryptoAst — Anthropic IPO record à 2 000 milliards $
- Le Figaro — Anthropic IPO could beat SpaceX record
- Euronews — Markets value Anthropic at $2 trillion+ awaiting IPO
- SmartAsset — Anthropic IPO
- Boursorama — Anthropic targets record $2 trillion valuation
- Fortuneo — Anthropic IPO record
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
