Anthropic IPO Nears as Nasdaq Selected, Banks Lined Up

Anthropic IPO momentum accelerated after Anthropic PBC, the private developer of the Claude AI models, confidentially filed a draft Form S‑1 with the SEC on June 1. Reports indicate the company has chosen Nasdaq for its listing and is targeting an October 2026 marketing window, with Goldman Sachs, Morgan Stanley, and JPMorgan leading the underwriting.

Timing and Listing Plans

Anthropic told investors it submitted a confidential draft registration statement on Form S‑1 to the SEC on June 1, giving the company the option to pursue a public offering after SEC review. Under SEC rules and Rule 135, a public registration statement must be filed at least 15 days before any roadshow. As of mid-September 2026, no public S‑1 appeared on the SEC’s EDGAR system.

Multiple reports say Anthropic has selected Nasdaq for its IPO and aims to begin marketing in mid-October, with timing subject to market conditions and SEC approval. Goldman Sachs, Morgan Stanley, and JPMorgan are consistently named as lead underwriters, with Citigroup sometimes listed as a participant. The company is also finalizing an expanded revolving credit facility of about $15 billion, up from $2.5 billion a year earlier. Nvidia has discussed a potential anchor investment of up to $10 billion.

Revenue, Profitability, and Strategic Backing

Internal investor documents indicate Q2 2026 revenue exceeded $11.5 billion, up from about $4.73 billion in Q1 2026 and $787 million in Q2 2025. These materials show an annualized revenue run rate of roughly $9 billion at the end of 2025, $47 billion in May 2026, and around $65 billion by the end of July 2026.

Q2 2026 marked Anthropic’s first quarter of positive adjusted operating income, with operating profit near $559 million. The company has told select investors it expects a second consecutive adjusted-profit quarter and gross margins above 80% before revenue sharing and model-training costs. These figures are preliminary and subject to revision.

A May 28 Series H financing announcement confirmed a $65 billion private round and a post-money valuation near $965 billion. Internal metrics have fueled investor estimates of a potential valuation near $2 trillion, suggesting the public offering could rank among the largest ever.

Amazon is a prominent strategic backer, having invested about $8 billion in convertible notes between Q3 2023 and Q4 2025, partially converted into nonvoting preferred stock. In Q2 2026, Amazon purchased $5 billion each in Series G and Series H preferred stock. Analyses place Amazon’s total committed or potential investment as high as $33 billion, with roughly $13 billion funded as of September 2026. Amazon’s filings disclosed a $50.5 billion upward adjustment tied primarily to its Anthropic stake, significantly contributing to its reported net income.

Court filings and investor analyses estimate Alphabet’s stake at roughly 14%, capped at 15%, without board seats or voting rights. Both Amazon and Alphabet have committed large cloud and TPU compute resources tied to long-term capacity and chip purchases. Combined commitments from Amazon and Alphabet exceed $300 billion for about 11 gigawatts of capacity over roughly ten years. Including Microsoft and other partners, Anthropic’s locked-in compute commitments total approximately $517 billion.

These internal revenue and profit figures are likely to shape investor demand and allocation once a public S‑1 appears, influencing how the offering is marketed and proceeds allocated.

“The submission gives the company the option to go public after the SEC completes its review.” — Anthropic notice, June 1, 2026