Anthropic files confidential S-1, signaling intent to reach public markets ahead of OpenAI

Anthropic filed a confidential S-1 on Monday. The company was valued at $965 billion at the time of filing, up from $183 billion in December 2025.

Anthropic's annualized revenue run rate hit $47 billion in May, following a Series H funding round that raised $65 billion and valued the company near one trillion dollars.

The filing remains a tentative step—a confidential S-1 can be withdrawn at any time, and timing for any eventual public offering remains uncertain (potentially summer, fall, or never). The move signals competitive pressure with OpenAI, which has not yet filed.