Anthropic’s $2T IPO remains on track amid AI race

Anthropic, the company behind Claude, is still marching toward an IPO that would value it at roughly $2 trillion. The offering, expected to land on the Nasdaq in mid-October 2026, is being shepherded by Morgan Stanley, Goldman Sachs, JPMorgan, and Citi. A draft S-1 registration statement was filed with the SEC on June 1, 2026.

Revenue growth that demands a double take

Anthropic reported $11.5 billion in revenue for Q2 2026. That is a 14-fold increase compared to the same quarter a year earlier.

The annualized revenue run-rate is projected to exceed $65 billion by July 2026, up from around $9 billion at the close of 2025. Looking further out, projections peg annualized revenue at $100 billion to $120 billion by end of 2026, climbing to $190 billion to $200 billion by 2028.

Anthropic anticipates positive adjusted operating income for a second consecutive quarter.

Who’s backing the deal

Anthropic’s most recent private fundraise was a $65 billion Series H round in May 2026, which pushed the company’s post-money valuation to $965 billion.

Amazon remains the single largest investor, holding a cumulative stake of roughly $8 billion and providing critical cloud infrastructure through AWS.

Nvidia is reportedly in discussions to commit up to $10 billion as an anchor investor in the IPO itself. The potential raise from the public offering could reach as high as $100 billion. For context, Saudi Aramco’s 2019 listing raised roughly $25.6 billion and held the record for years.

The competitive landscape

Anthropic was founded in 2021 by Dario Amodei and a group of former OpenAI researchers. The company sits in a three-way race with OpenAI and Google DeepMind for supremacy in large language models.

A successful Nasdaq listing would likely qualify Anthropic for inclusion in the Nasdaq 100 Index, which would trigger automatic buying from the hundreds of index funds and ETFs that track it.

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