Anthropic approaches IPO with $965 billion valuation

From startup to near-trillion-dollar valuation in five years

Few companies in the history of technology have risen in value faster than Anthropic. From its first funding round of $124 million in May 2021 to a current valuation of $965 billion — the company has raised a total of $132 billion across 18 funding rounds since its founding.

The most recent round, designated Series H and completed on May 28, 2026, alone injected $65 billion into the company. Among the investors leading the round were Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with backing from Capital Group, Coatue, and Singapore-based sovereign wealth fund GIC, among others.

S-1 filed — IPO in sight

According to Nasdaq Markets, Anthropic confidentially submitted a draft Form S-1 to the SEC on June 1, 2026, formally signaling its intention to go public. Such an S-1 filing is the regulatory starting gun for an initial public offering (IPO) in the United States.

With a valuation that now exceeds OpenAI's last reported valuation of $852 billion from March 2026, Anthropic is positioning itself as one of the heaviest names in what analysts at Fortune have described as potentially "the most consequential IPO window since the dot-com era" — with autumn 2026 cited as a possible timeframe.

Revenue growth and first operating profit

It is not only the valuation that impresses — the underlying numbers point to a business in strong growth. Annualized operating revenue is estimated at around $47 billion as of May 2026, up from approximately $10 billion a year earlier — nearly a fivefold increase over twelve months.

For Q2 2026, actual revenues are estimated at $10.9 billion, compared to $4.8 billion in Q1. The company also expects its first quarter of positive operating margin, with an estimated operating profit of $559 million.

The customer base has grown substantially: more than 300,000 enterprise customers now use the Claude platform, and large accounts — defined as those generating over $100,000 in annual revenue — are reported to have grown nearly sevenfold over the past year, according to available information.

The company's CFO Krishna Rao stated in May 2026 that Claude is "increasingly indispensable to our growing global customer base," and that the new capital will be used to meet "historic demand," keep pace in research, and expand into new work platforms.

Warning about unauthorized share trading

One cautionary note deserves mention: in May 2026, Anthropic itself warned against unauthorized trading in tokenized pre-IPO shares on decentralized exchanges, particularly on the Solana network. Such products had, according to reports, implied valuations of between $850 billion and $1.7 trillion — far above official figures. The company clarified that SPV-based tokens may have limited or no legal value.

This underscores the importance of distinguishing between official funding rounds and speculative secondary market activity.

Who are the publicly traded winners?

Nasdaq Markets notes in its analysis that it is not necessarily Anthropic itself — which remains privately held for now — that investors should be watching, but two publicly traded technology companies that are closely intertwined with the company's growth story. Which companies the article specifically names is not fully available in the open sources 24markets has had access to, but the logic is clear: major strategic investors such as Amazon and Google both hold significant stakes and have technology agreements with Anthropic, and could indirectly benefit from a potential IPO.

For Norwegian investors, it is worth noting that this market is trading in a climate marked by risk aversion — the Fear & Greed Index stands at 12 out of 100 — which historically can produce volatile reactions around major IPO news.