Anthropic confidentially files for a U.S. IPO, sources say valuation near $965bn

Anthropic said on June 1 that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering. The company said the filing gives it “the option to go public after the SEC completes its review” and that the offering will depend on market conditions and other factors. Anthropic did not disclose a target valuation, share count or timing in its statement. Days earlier, Bloomberg reported that Anthropic had raised $65 billion at a $965 billion valuation, citing people familiar with the matter. ### What exactly did Anthropic say it filed? Anthropic said it confidentially submitted a draft S-1 on June 1 for an IPO of its common stock. The company said the number of shares and the price range “have not yet been set,” and described the announcement as one made under Rule 135 of the Securities Act, which allows limited notices about a proposed offering. The SEC’s current procedures allow companies to submit draft registration statements for nonpublic review before making them public. (anthropic.com) The agency said in March 2025 that it had expanded those accommodations and that issuers using the process must publicly file the registration statement and prior draft submissions at least 15 days before any roadshow, or 15 days before the requested effective date if there is no roadshow. ### Where did the $965 billion valuation come from? Bloomberg reported on May 28 that Anthropic raised $65 billion in a funding round valuing the company at $965 billion including the new investment. Bloomberg said the round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, and that each of the lead investors put in more than $2 billion, citing people familiar with the matter. (sec.gov) Yahoo Finance, citing Anthropic’s June 1 statement and the earlier fundraising, said the company’s filing came just days after that round and put the valuation “past OpenAI,” which Yahoo said was last valued at $852 billion in March. Anthropic has not repeated the $965 billion figure in its own IPO announcement. ### Did Anthropic confirm the revenue figures circulating online? (bloomberg.com) Yahoo Finance reported that Anthropic’s annual revenue run rate topped $47 billion at the beginning of May, up from $30 billion in April, and said its run rate was $9 billion last year. Anthropic’s June 1 filing announcement did not include any revenue figures. The social-media claims that Anthropic’s run rate moved from $4 billion to an expected $50 billion could not be independently verified from Anthropic’s public June 1 statement or the SEC materials available so far. (finance.yahoo.com) The company has not yet publicly filed the S-1 that would typically contain audited or more detailed financial disclosures. ### Why is the filing still mostly opaque? A confidential draft S-1 is nonpublic at the start of the SEC review process. (finance.yahoo.com) That means investors do not yet have access to the full prospectus, including risk factors, detailed financial statements, governance disclosures, use of proceeds, or the names of underwriters if those were omitted from the initial draft under the SEC’s expanded accommodations. (anthropic.com) Anthropic’s June 1 statement gave only the minimum details: the company filed, the SEC will review, and any IPO would come later if conditions allow. That leaves the valuation, financial profile and timetable to outside reporting until a public filing appears. ### What happens next in the IPO process? The next visible step is a public S-1 filing with the SEC after the confidential review advances. (sec.gov) That filing would show the company’s financial statements, risk disclosures, share structure and offering terms, though pricing and share count can still change later. Anthropic said on June 1 that any IPO remains subject to market conditions and other factors. (anthropic.com) Under SEC rules, the company would need to make its registration materials public at least 15 days before a roadshow, giving investors their first detailed look at the offering. (sec.gov)