Independent information and inquiry page operated by Crescendo Markets LLC. Not affiliated with or endorsed by Anthropic.
Last verified 22 OCT 2026
Anthropic confidentially submitted a draft registration statement to the SEC on June 1, 2026. Investors are now reportedly discussing a valuation of ~$1.5T, a public filing is reported as soon as this week, and a listing is reported for November 2026. Crescendo Markets is tracking the filing, the pricing, and the allocation dynamics for investors who want to understand this offering before the roadshow begins.
Sources: Anthropic, Reuters, The Wall Street Journal, CNBC, Yahoo Finance and SEC EDGAR, as dated on this page. Valuation, raise size and timing are media reports. No terms are final until the public registration statement is filed and the offering is priced.
~$1.5T
Reported valuation under discussion with investors, against $965 billion at the last private round.
Up to $100B
Reported ceiling on primary proceeds. The current IPO record is $85.7 billion.
~$4.6B
Reported from the draft prospectus, roughly twelve times the prior year.
~$450B
Reported cloud agreements over the next decade with Google Cloud, AWS and Microsoft.
SpaceX's June 2026 offering raised $85.7 billion including the over-allotment, the largest IPO on record. Anthropic's raise has been reported at up to $100 billion. If the final size exceeds $85.7 billion, it would set a new record; until pricing, that remains a possibility, not a fact.
OpenAI confirmed its own confidential submission in June 2026 and is reported to have postponed its listing to early 2027. If Anthropic lists first, public investors would have their first pure-play equity in a frontier-model developer.
Reports from the draft prospectus describe a first-half 2026 net loss of $80.7 billion, most of it non-cash charges tied to financing instruments, and about $450 billion of cloud commitments over the next decade. How those obligations are funded is central to valuing the offering.
Reported dates are drawn from media reports and may change. No countdown is shown because no date has been confirmed by Anthropic or in a public filing.
Audited revenue, gross margin and cash burn in place of draft-based reporting, including customer concentration.
How voting power is allocated, and what role the Long-Term Benefit Trust holds over board composition.
The structure of cloud commitments and chip-financing packages, and how they are carried on the balance sheet.
The marketed range, lock-up terms for existing holders, and the allocation dynamics of an offering of this size.
Submitting this form does not reserve shares, constitute an offer or solicitation, or guarantee access to any securities. Crescendo Markets LLC is not affiliated with Anthropic.
Thank you. A member of the Crescendo Markets team will be in touch as material developments in Anthropic's offering emerge — beginning with the public filing of its registration statement.
Submission of an inquiry does not reserve shares, constitute an investment application, or guarantee access to any securities.
Anthropic announced on June 1, 2026 that it had confidentially submitted a draft registration statement on Form S-1 to the SEC for a proposed initial public offering, and that the number of shares and the price had not been determined. As of October 22, 2026, no public registration statement had been filed. Other terms on this page are media reports.
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