Anthropic is targeting an October–November 2026 Nasdaq IPO with a projected valuation of $2–3 trillion, positioning it as the largest IPO in history. The company filed a confidential draft Form S-1 with the SEC on June 1, 2026, and expects to publicly unveil its prospectus after Labor Day, with the S-1 filing anticipated around October 9–16, 2026. [1][2][3][4][5][6][7][8][9]
Nvidia is in discussions to serve as an anchor investor with a potential stake of up to $10 billion, while sovereign wealth funds are also being watched as possible anchor investors. This follows Anthropic’s Series H-1 private valuation of approximately $965 billion in May 2026, with pre-IPO secondary markets now pricing the company above $2 trillion. [10][11][12][13][14][15][16]
Anthropic’s financial performance supports the valuation outlook, with a revenue run rate of $65B+ annualized and Q2 2026 revenue exceeding $11.5B, marking the first AI lab to report positive adjusted operating income. The company projects 2028 revenue of $190 billion, reinforcing growth expectations ahead of the IPO. [17][18][19][15]
The IPO roadshow is scheduled for mid-October 2026, with a potential listing planned for November 2026. Some investors project the valuation at listing could exceed $2 trillion, and the public market target valuation remains approximately $2 trillion. Key indicators to watch include the timing of the S-1 public filing, anchor investor commitments, and roadshow execution. [20][8][21][22][4][23]