Anthropic is preparing for a potential initial public offering after raising $65 billion at a $965 billion post money valuation, while its annualized revenue run rate surpassed $47 billion in May. The AI company has also reported rapid revenue growth and is projecting further expansion, but its full financial position remains unavailable because its draft IPO filing with the U.S. Securities and Exchange Commission was submitted confidentially.
Anthropic is approaching a potential public listing with a valuation of $965 billion and rapidly expanding revenue, putting the artificial intelligence company among the most highly valued private technology businesses.
The company said in May that it raised $65 billion in Series H funding, valuing it at $965 billion after the investment. Anthropic also said its annualized revenue run rate had exceeded $47 billion earlier that month. The company said the new capital would support additional computing capacity, research and product development.
The $47 billion figure is a revenue run rate, rather than audited revenue generated over the previous 12 months. Anthropic's reported run rate had exceeded $30 billion in April, compared with approximately $9 billion at the end of 2025. At that time, the company also said more than 1,000 business customers were spending at least $1 million annually on its services.
Anthropic generated $4.8 billion in revenue in the first quarter of 2026, according to Reuters. The company was projecting at least $10.9 billion in second-quarter revenue and an adjusted operating profit of $559 million. Adjusted operating profit measures earnings from the business before certain expenses excluded under the company's adjusted calculation.
The rapid expansion comes with substantial infrastructure requirements. Anthropic has agreed to pay SpaceX $1.25 billion per month for computing capacity under an agreement running through May 2029, according to a SpaceX filing cited by Reuters.
Anthropic formally disclosed in June that it had confidentially submitted a draft Form S-1 to the SEC for a proposed IPO. The company said the offering remains dependent on market conditions and other factors, and that the number of shares and offering price had not been determined.
Because the S-1 remains confidential, investors do not yet have access to the complete public financial statements normally available in an IPO prospectus. That limits assessment of Anthropic's cash position, debt, expenses, margins and net income.
For now, the company's IPO story rests heavily on the combination of exceptional revenue growth, large infrastructure commitments and expectations for continued expansion. The eventual public filing will provide a more complete basis for determining whether the company's near $1 trillion private valuation is supported by its underlying financial performance.
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