Anthropic, the AI company behind the Claude chatbot, confidentially filed a draft S-1 registration statement with the SEC on June 1, 2026. The move sets the stage for what could be one of the largest public market debuts in history, with the company potentially crossing the trillion-dollar threshold before retail investors even get a chance to buy in.

The filing landed just four days after Anthropic closed a massive $65 billion Series H funding round on May 28, pushing its private valuation to $965 billion.

From $380 billion to $965 billion in four months

Back in February 2026, the company was valued at $380 billion. By late May, that number had more than doubled to $965 billion.

The IPO itself is expected to land sometime in the fall of 2026, though that timeline depends on market conditions. Confidential S-1 filings give companies flexibility to quietly work through the SEC review process before committing to a public offering date.

Analysts predict that 2026 could see three separate trillion-dollar company debuts, with Anthropic, OpenAI, and SpaceX all in the running.

Tokenized shares are already trading

Secondary tokenized representations of Anthropic shares have been trading on cryptocurrency platforms, and some of those trades imply valuations exceeding $1 trillion, meaning the crypto market is pricing Anthropic above its official private valuation before the company has even finalized its public offering.

What this means for investors

The risk, of course, is valuation. A company entering public markets at or near $1 trillion needs to demonstrate revenue growth and a path to profitability that justifies the price tag. Anthropic’s Claude chatbot competes directly with OpenAI’s ChatGPT and Google’s Gemini. Those revenue figures will likely become public once Anthropic transitions from its confidential filing to a full registration.

OpenAI is widely expected to pursue its own public listing in 2026, setting up a direct comparison between the two leading AI labs.