Morgan Stanley, Goldman Sachs, and JPMorgan are serving as bookrunners for the anticipated initial public offering. Anthropic's post-money valuation after its Series H funding round is approximately $965 billion. In May 2026, Anthropic closed a $65 billion Series H funding round at that valuation. The internal valuation for the initial public offering has not been formally fixed within the company.

Anthropic executives have held meetings with potential investors to address concerns regarding industry challenges. Investors estimate Anthropic's annual revenue run rate will be between $100 billion and $120 billion by the end of 2026. Anthropic reported in May that its annualized revenue run rate had surpassed $47 billion.

Anthropic's Claude Code tool generated approximately $8 billion in annualized revenue by May. Approximately 80% of Anthropic's revenue comes from enterprise customers.

Why It Matters

Anthropic has surpassed OpenAI in valuation for the first time, marking a shift in the competitive landscape of the artificial intelligence sector. The company's rapid capital accumulation, rising from a $380 billion valuation in 2025 to approximately $965 billion in 2026, demonstrates significant investor confidence despite the lack of a formally fixed internal valuation for the upcoming listing.

The involvement of major financial institutions such as Morgan Stanley and Goldman Sachs, which also handled the recent $75 billion IPO of SpaceX listed on June 12, 2026, reflects the scale of the anticipated offering. Morgan Stanley has previously led IPOs for high-profile tech companies, including the $1.2 billion initial public offering of Snowflake Inc. in 2020, while Goldman Sachs has served as a lead underwriter for several major tech IPOs, including the $1.2 billion IPO of Zoom Video Communications in 2019.

Timeline

In 2025, Anthropic raised $70 billion in Series G funding at a $380 billion valuation. Anthropic reported in May 2026 that its annualized revenue run rate had surpassed $47 billion. Anthropic confidentially filed its IPO prospectus with the Securities and Exchange Commission on June 1, 2026.

What's New

Additional reporting indicates that Anthropic's post-money valuation after its Series H funding round is approximately $965 billion. Morgan Stanley, Goldman Sachs, and JPMorgan are serving as bookrunners for the anticipated initial public offering. Anthropic reported in May that its annualized revenue run rate had surpassed $47 billion. Anthropic's Claude Code tool generated approximately $8 billion in annualized revenue by May. In May 2026, Anthropic closed a $65 billion Series H funding round at a $965 billion post-money valuation, surpassing OpenAI's valuation of $852 billion for the first time. Anthropic confidentially filed its IPO prospectus with the Securities and Exchange Commission (SEC) on June 1, 2026, marking the official start of its public offering process. Morgan Stanley has previously led IPOs for high-profile tech companies, including the $1.2 billion initial public offering of Snowflake Inc. in 2020. Goldman Sachs and Morgan Stanley have both been involved in the recent $75 billion IPO of SpaceX, which was listed on June 12, 2026.

How Sources Differ

Sources differ on Anthropic's valuation series funding figures. CNBC.com reports that Anthropic's post-money valuation after its Series H funding round is approximately $965 billion, while other sources note that in 2025, Anthropic raised $70 billion in Series G funding at a $380 billion valuation, setting a precedent for its rapid capital accumulation.

Reports also vary on Anthropic's annualized revenue. AP News states that Anthropic reported in May that its annualized revenue run rate had surpassed $47 billion, whereas additional sources specify that Anthropic's Claude Code tool generated approximately $8 billion in annualized revenue by May.

There are differing figures regarding Anthropic's revenue rate. That Anthropic's annualized revenue run rate had surpassed $47 billion in May, while a Financial Times report indicates that investors estimate Anthropic's annual revenue run rate will be between $100 billion and $120 billion by the end of 2026.

Sources provide different details on Anthropic's post-money valuation series funding. CNBC.com states that Anthropic's post-money valuation after its Series H funding round is approximately $965 billion, while other accounts specify that in May 2026, Anthropic closed a $65 billion Series H funding round at a $965 billion post-money valuation, surpassing OpenAI's valuation of $852 billion for the first time.

Reports differ on the specifics of Anthropic targeting an initial public offering. Primary and additional sources state that Anthropic is targeting an initial public offering in September or October 2026, while a Financial Times report adds that reports indicate Anthropic is targeting a valuation of $2 trillion for its initial public offering.

Sources present different details regarding Morgan Stanley and Goldman Sachs. One source notes that Morgan Stanley, Goldman Sachs, and JPMorgan are serving as bookrunners for the anticipated initial public offering, while another shows that Goldman Sachs and Morgan Stanley have both been involved in the recent $75 billion IPO of SpaceX, which was listed on June 12, 2026.