Anthropic Raises $65 Billion at Near-$1 Trillion Valuation and Files Confidentially for IPO
A+ Crowd Editorial ·
Key stats
| Metric | Value |
|---|---|
| Series H raise | $65B |
| Post-money valuation | $965B |
| Annual run-rate revenue | $47B |
| Target IPO window | Oct–Nov 2026 |
| Projected breakeven | 2028 |
| Claude Code annualised revenue | $2.5B |
Anthropic — the safety-focused AI company behind the Claude family of models — closed a $65 billion Series H funding round at a $965 billion post-money valuation on May 28, 2026, and filed a confidential S-1 registration statement with the US Securities and Exchange Commission four days later, becoming the first major AI lab to formally enter the public-markets process.
The round was co-led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with Baillie Gifford, Blackstone, Fidelity, D.E. Shaw, and strategic chip partners Samsung, SK Hynix, and Micron joining the table. A portion — $15 billion — comprised previously committed investments from hyperscalers including Amazon. Morgan Stanley, Goldman Sachs, and JPMorgan Chase are leading the IPO process, with Wilson Sonsini — the firm behind Google’s 2004 listing — advising on public-market readiness.
Market context
Anthropic’s fundraising and filing come at a delicate moment for equity markets. The S&P 500 has pulled back from its early-June record above 7,600, while tech stocks broadly face headwinds from a potential Fed rate hike and a violent semiconductor selloff that knocked the Nasdaq 4% lower on June 6 alone — its worst day since the tariff turmoil of early 2025. Yet investor demand for frontier AI exposure appears structurally different: Anthropic’s April tender offer was oversubscribed, with optimistic employees holding back shares in anticipation of an even larger IPO payday. The contrast between broad tech weakness and AI-specific exuberance underscores the bifurcated nature of the current market.
The business
The growth numbers are striking. Anthropic’s annualised revenue run-rate crossed $47 billion in May 2026, up from roughly $9 billion at end of 2025 — a five-fold increase in under six months. The company now counts more than 1,000 business customers paying over $1 million annually for Claude services. Claude Code, its agentic coding product launched in mid-2025, reached $2.5 billion in annualised revenue within nine months, and by early 2026 an estimated 4% of all public GitHub commits globally were being authored by Claude.
What’s next
The company is targeting a Nasdaq listing in October or November 2026, at a valuation analysts project will cross $1 trillion. The path to profitability is the critical variable: Anthropic posted a $5.6 billion loss in 2024 and plans $19 billion in compute spend in 2026 alone, but projects breaking even by 2028 — two years ahead of rival OpenAI — a distinction that investors are expected to price as a meaningful premium.