Anthropic IPO Filing at $965 Billion Valuation: Claude Revenue Surged From $9B to $47B in Months

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Anthropic joined the race to public markets by confidentially filing its S-1 registration with the SEC on June 1, setting up a potential IPO at a valuation that has since been reported at 965 billion dollars following its 65 billion dollar Series H funding round. That valuation surpasses OpenAI's 852 billion dollar mark and positions Anthropic as the highest-valued private AI company heading into the public markets. The company's annualised revenue run rate reached 47 billion dollars in May 2026, up from approximately 9 billion at the end of 2025. The growth pace is almost identical to OpenAI's.

The Fable 5 and Mythos 5 export ban, which landed 11 days after the S-1 filing, represents the most significant test of Anthropic's commercial trajectory since it launched. The ban disrupted the company's two newest and most commercially important models at precisely the moment it was trying to demonstrate momentum to potential public investors. However the partial restoration of Mythos 5 for critical infrastructure organisations announced today suggests the regulatory standoff is moving toward resolution, which matters enormously for the IPO story.

Micron Technology has separately announced a strategic investment in Anthropic's Series H alongside a memory and storage supply agreement, which signals real commercial infrastructure commitment from the semiconductor supply chain. The IPO timing alongside OpenAI's listing creates direct comparison pressure between the two companies. Anthropic's 13 percent paid subscriber conversion rate is the strongest in the industry, and its lack of the regulatory and safety controversies currently circling OpenAI could prove a meaningful differentiator with institutional investors.

Anthropic IPO: Valuation, Timeline and Investment Optionssmartasset.com