Anthropic, the company behind Claude AI models, filed a confidential draft registration with the SEC on June 1, 2026, and is targeting a November 2026 listing. Valuation estimates for the offering range from $1.5 trillion to $2 trillion. Third-quarter 2026 revenue hit $16.8 billion, up approximately 46% from the second quarter. The company reported a $42 billion net loss for 2025 and faces infrastructure commitments exceeding $518 billion. As the first frontier AI lab to pursue a public listing, ahead of OpenAI which has ruled out an IPO this year, this debut could set a critical valuation benchmark for the entire sector.
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