Anthropic’s draft Form S-1 filed with the SEC provides for certain shareholders to sell up to 10% of their locked-up holdings on the first day of trading. The remainder of their stakes would be subject to longer-than-usual lockup periods to limit pressure on the share price. Anthropic filed the confidential document on June 1, 2026, and the public version is expected between October 23 and 26, followed by an investor roadshow starting around November 9 and a likely IPO in mid-to-late November. The company secured a $965 billion valuation in a private funding round in May 2026, while discussions about its public offering point to a target valuation of between $1.5 trillion and $2 trillion. Revenue is projected at $4.6 billion for 2025 and as much as $16.3 billion for the first half of 2026, despite estimated losses of $42 billion and more than $500 billion in AI infrastructure commitments.
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