Anthropic, the AI company behind the Claude chatbot, has taken its first formal step toward going public. The company filed a draft registration statement with the SEC on June 1, 2026, a standard opening move for a large technology IPO. Anthropic’s most recent private valuation was roughly $965 billion, set by a $65 billion funding round that closed days earlier.
Anthropic was founded in 2021 by siblings Dario and Daniela Amodei, both former OpenAI researchers, and now employs roughly 3,500 people. Its business runs wider than the Claude chatbot most consumers know. The Claude model family spans multiple tiers built for different jobs, from lightweight assistants to frontier-scale models.
Anthropic’s annualized revenue run-rate climbed from about $9 billion at the end of 2025 to roughly $30 billion in April 2026, and past $47 billion by May. The company also told investors it expected its first operating profit, around $559 million, in the second quarter of 2026.
Anthropic’s business model is focused on providing AI solutions to enterprises, with about 80% of its revenue coming from business customers, not consumer subscriptions. The company’s developer tool, Claude Code, has become a fixture inside engineering teams writing and reviewing software.
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They also popularized the Model Context Protocol, a connector standard now used across the industry to plug AI models into outside tools and data. This enterprise footprint shows up in the numbers, with the company’s revenue growing rapidly over the past year.
Unique Governance Structure
Anthropic is a public benefit corporation paired with a Long-Term Benefit Trust. A special class of shares gives the Trust’s trustees the power to elect a growing share of the board over time, ultimately a majority. Supporters see a safeguard for the company’s safety mission, while a public-market buyer may see a board not fully accountable to shareholders.
This governance structure is unusual and may raise concerns among investors. However, it is designed to ensure that the company’s long-term goals are aligned with its safety mission. The Long-Term Benefit Trust is intended to prioritize the company’s safety and societal benefits over short-term profits, which could impact the company’s decision-making and operations.
Big backers of Anthropic include Amazon and Alphabet’s Google, which are both investors in and cloud partners to the company. Salesforce also holds a reported stake in Anthropic. The competitive backdrop adds intrigue, with OpenAI filing its own confidential paperwork just one week later.
Path to Public Listing
OpenAI has since signaled it may wait until 2027 to list, meaning Anthropic could reach the public market first. The path runs through SEC review, a public version of the S-1, a roadshow, and, market conditions permitting, a listing targeted for this fall.
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As Anthropic moves forward with its IPO, it is likely that the company will face challenges and opportunities in the public market. With its strong revenue growth and unique governance structure, Anthropic is an interesting case study in the AI industry.
One possible outcome is that Anthropic’s IPO will be a success, and the company will use the funds raised to further develop its AI technology and expand its business. On the other hand, the company may face challenges in the public market, such as increased scrutiny from investors and regulators, which could impact its ability to execute its business plan.
Challenges and Opportunities
They have a significant amount of funding, including a $65 billion funding round, which will help them work through the challenges of going public. Additionally, the company’s strong relationships with its backers, including Amazon and Google, will provide valuable support and resources as it works through the public market.
Anthropic’s future is closely tied to the development of its AI technology, and the company’s ability to innovate and adapt to changing market conditions will be key to its success. The company’s focus on providing AI solutions to enterprises, combined with its commitment to safety and societal benefits, positions it well for long-term growth and success.
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