RADAR · Pre-filing · Artificial Intelligence

Anthropic IPO

Anthropic confirmed a confidential draft S-1 on June 1, 2026 — beating OpenAI to the SEC by a week. The last private round in May priced the company at $965B.

• $965B — May 2026 Series H-1 mark
• ~$47B — Annualized revenue run-rate
• Jun 1 — Confidential S-1 filed

Filing status: Confidential S-1 reported filed — not on EDGAR

Reported facts

Filing status

Confidential S-1 reported filed — not on EDGAR. Draft submitted to the SEC on June 1, 2026 (announced same day by the company).

Filing order

Filed one week before OpenAI's June 8 confidential submission — CNBC characterized it as "beating rival OpenAI to the punch."

Current private mark

$965B, set in the May 2026 Series H-1 round.

Annualized revenue

~$47B run-rate as most recently reported (May 2026).

Reported bankers / timing

No verified banker slate or offer range in public reporting as of this fact-sheet date.

Valuation arc

• 2023: $4.1B (Series C)
• Feb 2026: $380B (prior round)
• May 2026: $965B (Series H-1)

Revenue ramp

• End-2024: $1B
• Apr 2026: $30B
• May 2026: $47B

What the reporting says

The order of operations matters. Anthropic filed confidentially on June 1; OpenAI's confidential filing followed on June 8 — CNBC framed it as Anthropic "beating rival OpenAI to the punch". Confidential DRS gives Anthropic the same optionality OpenAI has: withdraw quietly, or re-price against a tape it likes. What it doesn't give is a public S-1 on EDGAR — that single document is what would flip RADAR to READY.

The valuation ramp is the story the tape has to underwrite. From $4.1B in 2023 to $380B in February 2026 to $965B in May — a ~2.5× step-up in three months, on a revenue run-rate reported around $47B. Every "Anthropic IPO" headline is running against a number that already assumes a lot of the multiple.

The path from here

• RADAR to READY: promotion fires automatically when a public S-1 appears on EDGAR under the company's central index key (CIK). Confidential DRS is prose-only, never a stage promotion.
• READY to PING: fires when pricing becomes official — typically the evening before trading, always before the open — once terms are set in a 424B4 (or 424B3/A) prospectus.
• PING to STRIKE: fires when the first trade prints on the listing exchange. The moment has no schedule; STRIKE (beta) lands within minutes.
• STRIKE to ORBIT: the deal enters post-IPO monitoring — lockup radar, day-1 close, price history.

What to watch

• Watch EDGAR — a public S-1 under Anthropic's CIK is the single event that flips RADAR to READY.
• The filing-order lead over OpenAI is prose, not a stage change; both remain RADAR until a public S-1 appears.

What we don't know

• Share count, offer range, primary-vs-secondary split, use of proceeds and listing venue — all inside the confidential draft.
• Verified full-year 2026 revenue and losses; profitability posture at scale.
• Whether the filing-order lead translates into a listing-order lead — depends on the AI tape and Anthropic's willingness to price below $965B.

Public reporting only. Draft S-1 is confidential (not on EDGAR); every figure is third-party or company-confirmed.

Sources

1. Anthropic — Confidential submission of draft S-1 to the SEC (2026-06-01)
2. CNBC — Anthropic files confidentially for IPO, beating rival OpenAI to the punch (2026-06-01)
3. Reuters — Anthropic closes Series H-1 at $965B valuation (2026-05)
4. The Information — Anthropic annualized revenue run-rate reaches ~$47B (2026-05)
5. Reuters — Anthropic Series C at $4.1B valuation (2023)
6. Bloomberg — Anthropic round values company at $380B (2026-02)
7. The Information — Anthropic revenue reaches $1B annualized run-rate (2024-12)
8. The Information — Anthropic run-rate reaches ~$30B (2026-04)