It was a crazy time: their first big model was just three years old.
According to Bloomberg, Anthropic, which develops the big language model Claude, is accelerating its public listing process and plans to submit its S-1 IPO statement to the U.S. Securities and Exchange Commission (SEC) as early as late August. Chief Financial Officer Krishna Rao recently hosted several investor briefings, but deliberately avoided valuation details.
According to sources, Anthropic expects its initial public offering (IPO) to surpass SpaceX's previous record of $75 billion, with a target valuation of $1.5 to $2 trillion.
Previously, Anthropic had secretly submitted a draft listing application to the SEC in early June. If the regulatory audit progresses smoothly and the secondary market liquidity window is stable, the company expects to be officially listed in the U.S. in the fourth quarter of this year (October to November).
As of June, Anthropic had raised about $132 billion in funding through 18 rounds of funding, far more than most startups, with major strategic commitments from Amazon and Google making up a large portion of recent funding.
At the end of May, Anthropic completed a $65 billion round of H financing, with a post-investment valuation of about $965 billion, surpassing its competitor OpenAI's valuation of $85.2 billion when it raised $122 billion in March. As trading with non-public secondary markets continues to rise, market expectations for Anthropic's valuation have reached trillions of dollars.
Within Anthropic, the company expects to achieve operating profitability in 2026 and a cash flow balance around 2028.[citation needed] Compared to competitors such as OpenAI, Anthropic's key distinction lies in its corporate-level business and computational efficiency advantages, which make its profitability growth faster than its consumer-oriented competitors.[citation needed] Currently, more than 300,000 businesses are using Claude products, including the Claude Code programming tool, which has generated nearly $1 billion in annual revenue since its launch earlier this year, with commercial customers contributing about 80% of total revenue.
In this IPO, the fundraising benchmark set by Anthropic directly determines the size of Musk's SpaceX distributor. On June 12, SpaceX, listed on NASDAQ, raised $75 billion, with a total valuation of about $177 billion, setting the record for the largest IPO ever.
If the final round of funding exceeds $75 billion, Anthropic will not only become the first trillion-dollar front-end model lab to enter the open market in the generation AI wave, but it will also reshape global technology stocks' market capitalization.
The recent rapid growth in commercialization of Anthropic supports the price of this IPO. Data shows that Anthropic's annual revenue operating rate (ARR) has jumped from about $14 billion at the beginning of 2026 to $47 billion in May, and to over $65 billion at the end of July.
If we calculate the market value of Anthropic directly by $65 billion multiplied by 20 times, we can estimate the value of Anthropic at $133 trillion.
The analysis notes that the growth was primarily driven by Claude's penetration of the high-value-added enterprise scenario:
Developers and Agents exploded: Code generation tools Claude Code and the Agent framework became the infrastructure for the global workflow of tech companies and developers, resulting in extremely high API calls and subscription retention rates.
Increased customer penetration: The emphasis on financial, scientific, legal and advisory industries, which rely on complex reasoning and long-term context, continues to expand the scale of procurement, and corporate-level customization deployments contribute to significant revenue growth.
Capital Efficiency Optimization: Despite the enormous computational costs of training the WANCA cluster and its front-end model iteration, the burning ratio of Anthropic's cash consumption continues to shrink due to the evolution of end-to-end optimization and software ecosystems.
If Anthropic is scheduled to go public in the fall, it will be very close to OpenAI's IPO window, with two of the leading AI labs entering the open market in the coming weeks, a rare landmark moment in investment history. SpaceX's post-market performance will serve as a benchmark reference for all distributors measuring their pricing during the Anthropic journey.
It is reported that the new generation of OpenAI models Astra and Anthropic's Fable 5.1 could be released in a few weeks, and they are expected to boost valuations by a wave before the companies go public.
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