Anthropic has officially filed to go public

Ronni Holmvig Strøm · 2026-06-02

Anthropic filed to go public on Monday, beating OpenAI to the regulator's door. The company submitted a confidential draft registration statement to the SEC, the first formal step toward an offering. It does so as the world's most valuable startup, freshly valued at $965 billion, and as a

Anthropic filed to go public on Monday, beating OpenAI to the regulator's door. The company submitted a confidential draft registration statement to the SEC, the first formal step toward an offering. It does so as the world's most valuable startup, freshly valued at $965 billion, and as a four-year-old company that has gone from research lab to public-market candidate faster than almost anyone predicted.

The Numbers Behind the Filing

The growth is the story. Anthropic now reports $47 billion in run-rate revenue, up from roughly $10 billion a year ago. The $965 billion valuation tops OpenAI's $852 billion, a remarkable position for a company founded in 2021 and built around AI safety rather than consumer reach.

That trajectory is backed by real infrastructure. Anthropic pays SpaceX $1.25 billion a month for compute at a single Memphis data center under a contract that runs through 2029, a commitment that signals how much capacity the company expects to need. Demand for Claude, its assistant, has scaled alongside the buildout.

A Confidential Filing Keeps Its Options Open

A confidential draft commits Anthropic to nothing yet. The company's own statement frames the move as one that "gives us the option to go public after the SEC completes its review," dependent on market conditions. The official prospectus only has to reach investors at least 15 days before a roadshow, which gives the company room to time the offering well. SpaceX, for comparison, filed confidentially on April 1 and is set to debut June 12.

The confidential route lets Anthropic begin SEC review privately, refine the disclosures, and choose its moment. The detailed financials, the unit economics, and the risk language all surface later in the process, when the company decides to open them.

The Governance Structure Comes Along

What makes this offering unusual is the structure underneath it. Anthropic is a Public Benefit Corporation paired with a Long-Term Benefit Trust, an independent body of five financially disinterested members with escalating authority to appoint, in time, a majority of the board. The Trust was designed to keep the company's safety mission durable against commercial pressure.

Carrying that structure into the public markets is the experiment worth watching. A safety-focused lab funding frontier research at this scale needs capital, and the public markets are where that capital lives. If the Trust holds as the company grows into a public float, Anthropic will have shown that mission governance and shareholder accountability can sit in the same company.

The open question is whether the Trust survives its first quarter of earnings-call pressure.

Sources: The Verge, 2026, CNBC, 2026, Anthropic.