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The confidential filing gives Anthropic a route to public markets, but the reported timetable would make its revenue growth and computing commitments central to investors’ scrutiny.
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Anthropic has begun the process for a possible public listing, with reports pointing to Nasdaq and an October 2026 target, but no offering is committed yet. Its confidential S-1 has not set share count or pricing, and any deal depends on SEC review and market conditions. The reported valuation—up to $2 trillion—would more than double its earlier $965 billion private mark. Investors will likely focus on whether $65 billion in annualized revenue can justify that ambition alongside heavy compute costs.
Anthropic confidentially submitted a draft Form S-1 to the SEC on June 1.
Investor’s Business Daily reported an October 2026 target; CNBC reported Nasdaq as the intended exchange.
CNBC reported $65 billion in annualized revenue in July, about seven times the prior year’s level.
Anthropic is reportedly targeting an October initial public offering and has selected Nasdaq for a potential listing. The company could seek a valuation of up to $2 trillion, putting its rapid growth and large computing commitments before public-market investors.
The process began on June 1, when Anthropic said it confidentially submitted a draft Form S-1 registration statement to the Securities and Exchange Commission. The filing gives Anthropic the option to go public after SEC review, but the company said an offering would depend on market conditions and other factors. It did not set a share count or offering price in its announcement.
Investor’s Business Daily reported the October 2026 target, while CNBC reported that Anthropic chose Nasdaq for the potential offering. Those developments add a reported calendar and venue to the filing, but they do not turn the IPO into a completed transaction. Anthropic has not announced the number of shares or price, and its June filing said any deal remains conditional on market conditions and other factors.
The reported valuation would be more than double Anthropic’s $965 billion private valuation earlier this year. CNBC also reported that the company reached $65 billion in annualized revenue in July, roughly seven times the prior year’s level. Annualized revenue extrapolates recent performance over a year, rather than recording a completed year of sales.
That second question matters because Anthropic has signed multibillion-dollar compute deals this year involving Nscale, AMD, SpaceX and Google, CNBC reported. A public offering would require more detailed financial disclosures, which Investor’s Business Daily said could give investors a clearer view of AI-company economics. For now, the prospective valuation, timing and exchange point to an IPO in preparation—not final terms for a sale of shares.
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