Anthropic IPO: $965B Valuation After Record Funding

Anthropic has confidentially submitted a draft Form S-1 registration statement to the SEC, signaling its interest in a potential public offering. This move comes after the company closed its largest private funding round. Anthropic's CFO, Krishna Rao, announced the company raised $65 billion in Series H funding, achieving a post-money valuation of $965 billion. This valuation places Anthropic above OpenAI's reported $852 billion. The company's valuation jumped from $380 billion in February to $965 billion in May. Its annualized revenue run-rate also grew from about $9 billion at the end of 2025 to over $47 billion in May. This rapid growth suggests a future of increased scrutiny as it considers public markets.