Anthropic, the AI company behind the Claude family of models, has engaged Morgan Stanley, Goldman Sachs, and JPMorgan Chase to lead its initial public offering. The move follows a confidential S-1 registration statement filed with the SEC on June 1, 2026, setting the stage for what could be a landmark moment in AI finance.
The company is targeting an IPO window as early as October 2026. If it hits that timeline, the offering could raise more than $60B, a figure that would dwarf most tech IPOs in recent memory.
A nearly trillion-dollar startup walks into Wall Street
Anthropic’s most recent funding round valued the company at approximately $965B. The $65B funding round that produced that valuation gave Anthropic the kind of war chest that makes an IPO less about survival and more about strategic positioning.
The confidential filing route is worth noting. Companies that file S-1s confidentially with the SEC get to keep their financials under wraps until closer to the actual offering date. It’s a tactical choice that lets Anthropic control the narrative and time its public debut around market conditions rather than getting locked into a window by premature disclosure.
The AI arms race goes public
This IPO doesn’t exist in a vacuum. Anthropic’s chief rival, OpenAI, has been making its own moves toward public markets, and the two companies have been locked in an increasingly expensive battle for AI dominance.
An Anthropic IPO raising $60B or more would set a new benchmark for AI-sector public offerings.
The crypto angle no one asked for
Solana-based tokens that were marketed as proxies for Anthropic equity saw price drops of nearly 40% following warnings about the validity of specific SPV structures backing these tokens. When Anthropic itself raised concerns about these SPV arrangements, the tokens cratered.
For crypto investors, Anthropic’s IPO path creates a fork in the road. Once the company is publicly traded, anyone with a brokerage account can buy shares. The value proposition of holding a Solana token as an equity proxy drops to roughly zero at that point.