Anthropic Prepares for IPO with $965 Billion Valuation and Wealth Management Plans

Anthropic, the AI company behind the Claude chatbot, is gearing up for a significant IPO, with its S-1 cover page recently leaked. This document provides insights into the regulatory framework for what could be one of the most impactful tech IPOs in recent years.

Having confidentially filed a draft Form S-1 with the SEC on June 1, 2026, Anthropic's latest private valuation stands at an impressive $965 billion, following a $65 billion Series H funding round in May 2026. Speculation among investors suggests that the public market valuation could reach or even surpass $1 trillion.

IPO Timeline and Underwriters

The anticipated timeline for Anthropic's IPO has seen some adjustments, with the public version of the prospectus expected in late September 2026. An institutional roadshow is tentatively scheduled for mid-October, potentially leading to the actual listing around the time of the US midterm elections in November. Major financial institutions, including Morgan Stanley, Goldman Sachs, JPMorgan, and Citi, are set to lead the underwriting process.

Financial Performance and Market Expectations

Anthropic's financials reveal a run-rate revenue of approximately $47 billion as of May 2026, contributing to the heightened interest from investors. The company's unique structure as a public benefit corporation raises questions about how it will balance profit with social considerations in the public market.

As the IPO approaches, Goldman Sachs and Bank of America are competing to manage the wealth of Anthropic's employees, reflecting the high stakes associated with the IPO. Current market predictions suggest a strong likelihood of Anthropic achieving a market cap between $1.75 trillion and $2.25 trillion on its IPO day, indicating robust confidence from market participants.

In the coming weeks, all eyes will be on Anthropic for formal announcements regarding IPO pricing and dates, which will significantly influence market expectations.