Claude owner could attract more than 100 billion. Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are working on the listing. The revenue run-rate is worth more than 65 billion and 2028 expected turnover could amount to190-200 billion
Anthropic, the AI unicorn Claude developer that Italian-American siblings Dario Amodei and Daniela Amodei founded, is racing towards the potential greatest ipo ever. Reuters reported that on 1 June, Monday, the company filed with the Securities and Exchange Commission a draft of the registration statement Form S-1 (press release). Anthropic may release the schedule immediately after Labour Day, 7 September, Monday, ahead of a Wall Street listing between the end of September and early October.
Morgan Stanley, JPMorgan, Citigroup, and Goldman Sachs will lead the placement. However, the firm could appoint further advisors.
The estimated value of the deal is rising rapidly. The New York Times said that Anthropic’s bankers suggested to potential investors that the company could raise more than 100 billion US Dollars on the ground of an enterprise value that could reach 2 trillion. In late May 2026, Anthropic secured a Serie round H of 65 billion post-money value of 965 billion that Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital led (see here a previous post by BeBeez). In February 2026, Anthropic secured a series G round that GIC and Coatue led on the grounf of a post-money value of 380 billion (see here a previous post by BeBeez).
Anthropic IPO could to beat the record that SpaceX set in June 2026 (see here a previous post of BeBeez) and would turn the AI unicorn debut on Wall Street into an unprecedented test of the public markets’ willingness to agree on valuations running into the trillions for the leading players in artificial intelligence. In mid-August 2026, six investors in Anthropic said to the Financial Times that the company’s listing could be worth 2 trillion.
Anthropic’s annualized revenue run-rate at the end of July 2026 amounted to above 65 billion (Bloomberg). The figure stood at over 47 billion in early May 2026, as Anthropic said during its Series H funding round and was around 9 billion at the end of 2025. In less than seven months, therefore, the run rate increased more than sevenfold. The company is reportedly forecasting revenue of at least 10.9 billion for 2Q26 – more than double that of the previous quarter – and a first quarterly operating profit of around 559 million dollars.
Reuters reported that Anthropic is forecasting revenues of 190 -200 billion for 2028. Bankers and investors are using precisely these estimates to assess the IPO valuation. The comparables are Palantir, Cloudflare and SpaceX. The LSEG data that Reuters quoted say that Palantir is trading at around 53 times its expected 2026 revenue, whilst SpaceX and Cloudflare are trading at multiples of around 41.6 times.
The issue of the listing is also intertwined with that of governance, a particularly sensitive matter for a company which, since its foundation, has built a structure designed to protect its mission even from shareholder pressure..
The Information reported that Anthropic is preparing a new class of shares with enhanced voting rights for Dario Amodei and the other co-founders that could maintain their strategic influence following the listing.
The company is mulling for allowing current shareholders to sell part of their stakes through the IPO while new investors should sign lock-ups longer than the usual 180 days.
At the same time, the Long-Term Benefit Trust – an independent body with no financial stake in Anthropic that has the power to appoint members of the board of directors – should remain central. Last July, Ben Bernanke, former Chair of the Federal Reserve and winner of the 2022 Nobel Prize in Economics, joined the trust alongside Neil Buddy Shah, Richard Fontaine and Mariano-Florentino Cuéllar (press release).
The push towards Wall Street also coincides with rapid international expansion. At the end of May 2026, Anthropic announced the opening of its Milan office with a team dedicated to Italian businesses, the developer community and research following London, Dublin, Paris, Zurich and Munich (see here a previous post by BeBeez). As the IPO process moves forward, Anthropic still needs to definitively resolve the dispute with the Pentagon, despite the more general rapprochement that has since taken place between the company and the Donald Trump’s administration. At the end of June 2026, the parties reached what Anthropic described as a ‘constructive resolution’ to the separate dispute over export controls on the new Fable 5 and Mythos 5 models, whilst also announcing closer collaboration with the US government on safety testing of the models (press release).
However, the dispute arising from Anthropic’s refusal to allow Claude for mass domestic surveillance and fully autonomous weapon systems remained unresolved. Such an issue led the Pentagon to designate the company as a supply-chain risk (see here a previous post by BeBeez). On 27 August, Thursday, a federal judge ruled in Anthropic’s favour, finding the designation to be unlawful and determining that the measures taken constituted unlawful retaliation and had infringed the company’s right to due process. However, a second case is still pending in Washington concerning a separate designation by the Pentagon, which could also have implications for civil contracts with the federal government (CNN).
