Anthropic is preparing to publicly file for an initial public offering as soon as the end of August, according to multiple reports this week, after the Claude maker's annualized revenue run-rate climbed past $65 billion. The company confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission in June, and reporting from Bloomberg and other outlets indicates that filing could now move from confidential to public within days.

The numbers behind the filing

Anthropic's growth has been steep even by AI-industry standards. Preliminary second-quarter revenue exceeded $11.5 billion, up from $787 million a year earlier and $4.73 billion in the first quarter, and the company reported its first positive adjusted operating income during the quarter, according to CNBC and Fortune, which both cited people familiar with the disclosures. CEO Dario Amodei has attributed much of the growth to enterprise adoption of the Claude 4 model family. By mid-August, Anthropic's annualized run-rate revenue had surpassed $65 billion, Bloomberg reported — more than the $65 billion the company raised outright in its Series H round in May, which itself valued the company at $965 billion post-money, per Anthropic's own announcement.

A valuation race with SpaceX

Investors are reportedly discussing a public valuation of roughly $2 trillion or more for an IPO that could price as early as October, which would make it the largest public offering in history, surpassing SpaceX's June 2026 debut. SpaceX priced at $135 a share, raising about $75 billion at a valuation near $1.8 trillion, and Fortune reports that Morgan Stanley, Goldman Sachs and JPMorgan — the same three banks that anchored the SpaceX offering — are also leading Anthropic's. It's worth noting the $2 trillion figure circulating in press reports is investor and banker speculation rather than a valuation Anthropic has confirmed; people familiar with the company's thinking told reporters that executives have not settled on a target range even internally.

Why it matters

A public Anthropic listing would be a milestone for the AI industry generally, not just for Claude's maker: it would give public markets their first direct read on whether frontier-model economics — massive compute spend set against fast-scaling enterprise revenue — can sustain a valuation in the trillions. It would also intensify the financial rivalry with OpenAI, which has pursued its own path toward a future listing, and give outside investors, rather than only venture and sovereign-wealth backers, a stake in how that competition plays out.