Anthropic Files to Go Public at a Valuation Near $1 Trillion
The maker of Claude filed confidentially for an October stock listing, seeking to raise more than $60 billion. Its revenue has gone from about $9 billion a year at the end of 2025 to more than $47 billion this spring.
Anthropic has filed confidentially to sell shares to the public, targeting a listing on the Nasdaq in October at a valuation around $965 billion. The offering, led by Goldman Sachs, JPMorgan, and Morgan Stanley, would raise more than $60 billion — which would make it one of the largest stock sales ever conducted, behind only SpaceX's, expected this month.
The growth behind the number is the part worth pausing on. Anthropic's annualized revenue was roughly $9 billion at the end of 2025. By this spring it was around $47 billion. Very few companies in history have grown at that rate at that scale, and the ones that did — in the early internet, in mobile phones — are the comparisons bankers are reaching for.
The company is an unusual candidate for a stock listing. It was founded in 2021 by people who left OpenAI because they thought it was moving too fast, it has spent its existence arguing publicly that this technology could be dangerous, and it has structured itself with a trust intended to keep safety considerations above shareholder returns. Three months ago it walked away from a Pentagon contract rather than drop two safety conditions, and was barred from military business for it.
Going public means quarterly earnings calls, analysts modeling growth, and a shareholder base that can express displeasure by selling. Anthropic's argument has always been that being at the frontier is how it influences the frontier. The test now is whether an argument like that survives contact with a market that has one opinion about caution: that it costs money.
A separate question hangs over both this and the SpaceX listing. These valuations rest on revenue projections years out — in Anthropic's case, reportedly $190 billion to $200 billion by 2028. Public markets are about to price the AI boom directly, rather than through chip makers and index funds. That is either the moment the boom gets validated or the moment it gets tested.