Anthropic Files for IPO With $65 Billion Revenue Run Rate

Anthropic has confidentially filed for an initial public offering with the Securities and Exchange Commission, targeting a market debut in September or early October 2026. The AI developer reported an annualized revenue run rate exceeding $65 billion by the end of July, a sevenfold increase from the previous year and a significant jump from $47 billion in May. The company is seeking a public valuation of $2 trillion or more, supported by internal projections of $190 billion to $200 billion in annual revenue by 2028.

To maintain control over its safety mission and insulate leadership from shareholder pressure, the company plans to implement a dual-class stock structure. This would grant CEO Dario Amodei and other co-founders supervoting power, despite Amodei owning only about 2% of the company. Anthropic also intends to use a long-term trust to elect a majority of its board of directors. The company is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase on the listing.

Financial growth has been driven largely by enterprise demand for Claude coding tools, with preliminary second-quarter 2026 revenue reaching $11.5 billion. However, the company has faced regulatory friction. In June, it briefly disabled its Claude Fable 5 and Mythos 5 models to comply with a U.S. government export control directive. Additionally, the Pentagon blacklisted the company earlier this year following failed discussions regarding the military use of its models.