Anthropic is going public. Here’s where things stand
Anthropic is going public. Here’s where things stand
Anthropic’s public filing could offer investors their clearest look yet at the rapidly-growing AI company as it prepares for a potentially record-breaking market debut
Anthropic is going public. Here’s where things stand
Anthropic’s public filing could offer investors their clearest look yet at the rapidly-growing AI company as it prepares for a potentially record-breaking market debut
09.22.2026
Key takeaways
- Anthropic’s revenue grew 142% quarter over quarter in Q2 2026 as the AI company moves closer to a potential IPO.
- Anthropic confidentially submitted a draft Form S-1 registration statement to the Securities and Exchange Commission (SEC) in June.
- Anthropic may go public as early as Fall 2026, though the company is yet to announce when its shares will begin trading.
Anthropic’s revenue grew 142% quarter over quarter in Q2 2026, putting the scale and speed of the AI company’s growth in focus as investors await its public IPO filing.
The startup confidentially submitted a draft S-1 registration to the SEC in June.1 The Financial Times has since reported that Anthropic investors expect the AI startup to float at a valuation of $2 trillion or more come October, setting the stage for what could be the largest IPO on record.2 At that valuation, the five-year-old company would surpass SpaceX, which went public in June at a valuation of $1.77 trillion.3
While reporting ahead of the filing has offered a sense of Anthropic’s revenue and potential market, the S-1 could give investors a much closer look at what’s behind that growth, and what it costs to sustain it.4
“When the S-1 drops, some of the details around the IPO pricing won’t likely appear, but we will get a view of the financial details,” said Marta Norton, Chief Investment Strategist at Empower. “Due to reporting, we already have a sense for revenue and total addressable market, but we have less clarity on the cost side of the equation, including capital expenditures. That side of the ledger will get a great deal of attention, as will Anthropic’s vision and business case.”
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Anthropic IPO at a glance
Here’s what we know about Anthropic’s potential blockbuster IPO so far.
IPO status | Draft S-1 filed in June; public filing pending |
Expected IPO timing | As early as fall 2026 |
Latest private valuation | $965 billion |
Potential IPO valuation | $2 trillion+ |
Potential amount raised | $100 billion+ |
Based on reporting from The Financial Times, Forbes, and The New York Times; Anthropic has not announced final terms.
Read more: What is an IPO? Initial public offerings explained
What to watch for in Anthropic’s S-1
Anthropic’s Form S-1 could give investors their first detailed look at the financials behind the San Francisco-based company, best known for Claude, its family of artificial intelligence (AI) models.
One thing to watch will be Anthropic’s revenue growth — and what’s driving it. Anthropic generated more than $11.5 billion in preliminary revenue in the second quarter, up from $4.73 billion in the first quarter, according to documents reviewed by Bloomberg.5 The filing could provide more detail on where that growth is coming from, including the role of large business customers. Anthropic has told investors it has 6,000 customers spending $100,000 or more annually on its products.6
Another key question is what it costs to sustain that growth. The filing could shed more light on Anthropic’s spending, including the computing power and infrastructure needed to develop and run its AI models, as well as its losses and cash flow.
Anthropic’s rapid growth comes with some big questions — including whether it can keep expanding at its current pace while absorbing the huge cost of compute, data centers, and energy. CNBC has reported that Anthropic is expected to address negative sentiment toward AI and the data centers needed to power it as a risk to its business.7
How big could Anthropic’s IPO be?
The size of the offer has yet to be determined. The New York Times has reported that Anthropic could seek to raise more than $100 billion, citing people familiar with the matter.8 The potential scale is notable even in a year of major public offerings. SpaceX raised $85.7 billion in June, including an underwriter option, making it the largest IPO on record.9 OpenAI is also planning to go public in 2027 or sooner, according to CFO Sarah Friar.10
The impact could reach well beyond the AI industry. Empower research estimates that Anthropic, OpenAI, and SpaceX could collectively add $3.5 trillion to $4 trillion in potential market capitalization to U.S. equities — equivalent to roughly 5.4% of the aggregate market cap of the Bloomberg 500 Index.
Read more: Research spotlight: The IPO triple threat
When could Anthropic go public?
Anthropic may go public as early as late September or early October 2026, though the company is yet to announce when its shares will begin trading.11 Before shares can begin trading, Anthropic would need to publicly file its registration statement and complete the remaining SEC process. Details such as the number of shares offered and the IPO price will need to be finalized, and market conditions could still affect the timing of public trading.
Can you invest in Anthropic pre-IPO?
With excitement building for Anthropic’s public debut, some investors are wondering how to get in on the action. While ordinary investors can’t directly buy shares in Anthropic pre-IPO, they may be able to gain indirect exposure or wait until the company goes public.
Several publicly traded funds and investment trusts own stakes in Anthropic, though the company can sometimes represent a small percentage of their overall holdings. Investors can also get indirect exposure through public companies that hold multi-billion-dollar stakes in Anthropic, including Alphabet, Amazon, Nvidia and Microsoft.12
Accredited investors get greater access
A limited group of investors can buy private shares directly through secondary markets. Many private-market investments are limited to accredited investors: individuals with a net worth of more than $1 million (excluding their primary residence) income of more than $200,000 in each of the prior two years, or certain professional credentials, such as a Series 7, 65 or 82 license.13
“An IPO gives event vibes and makes investors feel like they are missing something big if they don’t attend — or participate,” Norton said. “But the reality is that an IPO is just the kickoff; the stock is available for public trading at any point after the IPO as well.”
What about when Anthropic goes public?
Whether individual investors will be able to participate directly in Anthropic’s IPO — and which brokerage firms, if any, will offer access to IPO shares — has yet to be announced. SpaceX reportedly reserved at least 20% or more of its shares for retail investors, roughly twice as much as is typically offered.
But getting access to Anthropic stock is only one consideration. High-profile IPOs can generate plenty of excitement, but newly public stocks can also be volatile.
“A great company and a great investment are two different things that sometimes overlap,” Norton cautioned. “What investors need to consider is price relative to value.”
With IPOs, Norton said, excitement around a company can push its price higher relative to its underlying value right out of the gate. While some high-profile IPOs continue to climb after their debut, others may fall from their initial price — a possibility investors should keep in mind.
And the longer-term question may be less about getting access to Anthropic on IPO day and more about how much exposure makes sense in an investor’s broader portfolio. If Anthropic eventually joins a major market index, investors who own funds tracking that index could gain exposure without making an active decision to buy the stock individually.
“To make a determination on long-term value, investors need to spend some time understanding the business, growth expectations, and the reasonableness of those expectations relative to conditions and competitors,” Norton said.
Pre-IPO shares and shares offered in the IPO are not available for purchase through Empower.
1 CNBC, “Anthropic confidentially files IPO prospectus with SEC, prepping Wall Street for landmark AI deal,” June 2026.
2 The Financial Times, “Anthropic investors bet on $2tn valuation in record IPO,” August 2026.
3 The New York Times, “Anthropic Could Aim to Raise $100 Billion in Blockbuster I.P.O.,” August 2026.
4 U.S. Securities and Exchange Commission, “What is a Registration Statement?” November 2024.
5 Bloomberg, “Anthropic Revenue Surges to Over $11.5 Billion in Second Quarter,” August 2026.
6 The Financial Times, “Anthropic’s best AI model struggles to attract users as cheaper tools thrive,” August 2026.
7 CNBC, “Anthropic IPO filing will show AI backlash as a risk factor, sources say,” August 2026.
8 The New York Times, “Anthropic Could Aim to Raise $100 Billion in Blockbuster I.P.O.,” August 2026.
9 Ibid.
10 CNBC, “OpenAI ‘will be a public company in 2027’ or sooner, CFO Friar tells employees,” August 2026.
11 Forbes, “Anthropic’s IPO Prospectus Will Test Assumptions Behind The AI Boom,” September 2026.
12 Money.com, “How to Invest in Anthropic Before the Claude Creator's Potential $2 Trillion IPO,” August 2026.
13 U.S. Securities and Exchange Commission, “Accredited Investors,” April 2026.
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