Anthropic Confidentially Files for What Could Be the Largest IPO Ever

June 1, 2026 | Source: Wired AI

Tags: Anthropic, IPO, SEC, Claude, Dario Amodei, Mythos, AI valuation

Anthropic filed a confidential S-1 with the SEC Monday, reporting $47 billion in annualized revenue—up from $9 billion at end-2025—though still running at a loss; its planned IPO could rival SpaceX as the largest in history, with key questions around its PBC structure and the restricted Mythos model.

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Anthropic's confidential S-1 filing with the SEC opens the path to what analysts expect to be one of the largest IPOs in history. The company reported $47 billion in annualized revenue based on sales from last month—more than 5x growth from $9 billion at end-2025—but still operates at a net loss due to cloud compute and payroll costs. Share count, price, and timing are all unset.\n\nThe filing lands in a crowded IPO season. SpaceX—which holds a $15 billion/year data center services deal with Anthropic—is targeting June 12 at a $1.75 trillion valuation. OpenAI is rumored to target September. Anthropic's $965 billion post-Series H valuation edges out OpenAI's $852 billion as the world's most valuable startup.\n\nKey open questions for investors: Anthropic's Public Benefit Corporation structure requires balancing social benefit with profit, creating governance tensions with typical investor expectations. Its Mythos model—previewed in April but kept restricted after discovering thousands of high-severity software bugs—is a potential major revenue driver once made widely available. Amazon is a large shareholder; early investor Jaan Tallinn (Skype co-founder) also stands to benefit substantially from a successful public debut.