Anthropic, the company behind the Claude AI models, filed its draft S-1 with the SEC on June 1, 2026, targeting a valuation between $1.5 trillion and $2 trillion. The firm closed a $65 billion funding round in May 2026, valuing the company at $965 billion before a single share hits the public market, and is expected to raise at least $86 billion in its Nasdaq listing. Goldman Sachs, JPMorgan, and Morgan Stanley are leading the underwriting, with the final prospectus set to drop after Labor Day on September 7, 2026, and a first trade targeted for late September or early October. Facing this massive offering, OpenAI has shifted its own IPO timeline to 2027, while sovereign wealth funds and long-duration institutional allocators emerge as the natural buyers for what could be the largest technology debut in US market history.
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