Anthropic is on the Verge of an IPO

Anthropic is taking a step investors have awaited for years. On June 1, the company filed a confidential draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). If the company decides to go public, the SEC’s early review will help speed up the process.

Anthropic is one of the key companies in Raison’s portfolio, so we closely follow every step on its path to an IPO.

Filing details

Anthropic is not the first one to use the confidential format — SpaceX and Kraken took the same route earlier. It gives flexibility in choosing the timing for the roadshow. The exact listing date, the number of shares, and the price will be announced later. According to Forbes, a listing could happen as early as October 2026.

Growing financials

The SEC filing coincided with the disclosure of figures that explain the buzz around the company.

• Anthropic’s annual recurring revenue went from $1 billion in early 2025 to $9 billion by the end of 2025 and $47 billion in May 2026 — a 47-fold increase in a year and a half (CNBC, TechCrunch).
• Anthropic expects to reach profitability as early as this quarter if it hits its $10.9 billion revenue target. In this case, the operating profit forecast is around $559 million.
• According to Forbes, the company’s value is approaching $1 trillion. Over the past 14 months, its valuation has grown roughly 15-fold, and a recent round raised more than $60 billion with participation from Goldman Sachs, JPMorgan, and Morgan Stanley.

Investor skepticism and counterarguments

The tech IPO market that Anthropic may enter has become noticeably more cautious than in 2021. Investors are now more demanding of fast-growing companies with heavy spending, especially in the AI sector.

A separate argument from critics is that Anthropic is financed by its own clients, Microsoft and Nvidia. Their investments are estimated at $15 billion, while Anthropic itself has committed to purchasing $30 billion worth of Microsoft Azure capacity. Such a scheme of mutual investment creates interdependence and raises the question of how sustainable real demand is.

Anthropic’s main answer to skeptics is its bet on the safety and reliability of its products. The company builds its brand around responsible AI development and aims to create models that can be trusted in mission-critical tasks. For clients in regulated industries such as finance and healthcare, this matters especially. They are willing to pay more for reliable solutions and change providers less often, which makes revenue more stable and predictable.

What this means for Raison investors

For us, a potential Anthropic IPO confirms the maturity of one of our portfolio’s key assets — and is a good example of the value that an early entry into a company creates.

• In March 2023, Raison first bought Anthropic shares at about $13.7 per share.
• We acquired the second batch at $36 per share.
• On May 28, a new Series H round closed at about $589 per share — a 43x return on our initial purchase.

At a valuation of nearly a trillion dollars, the company’s potential speaks for itself. We will keep you posted at every stage of the offering’s preparation.

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