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AI IPO · Anthropic · Revenue Accounting · Underwriters
Anthropic selected Goldman Sachs, Morgan Stanley, and JPMorgan Chase as lead underwriters for its initial public offering, targeting a listing as early as October 2026, following a $65 billion Series H funding round that pushed its post-money valuation to $965 billion.
The AI company reported an annualized revenue run rate of $47 billion by late May 2026, a more-than-fivefold increase in under six months, driven by enterprise adoption of Claude Code. However, analysts from Sacra and The Futurum Group warn that Anthropic reports cloud reseller revenue on a gross basis, which inflates the headline figure compared to competitors using net reporting.
This accounting practice, along with substantial infrastructure commitments like a $15 billion annual payment to SpaceX and multiple active litigations, presents significant risk factors for investors. CEO Dario Amodei emphasizes Anthropic's Public Benefit Corporation structure and AI safety governance as a core investment thesis, differentiating it from rivals like OpenAI, which also filed a confidential S-1 and targets a September debut.
