Anthropic, the company behind Claude, is preparing for an initial public offering after filing a confidential draft S-1 registration statement with the SEC on June 1. The filing does not disclose an offering price, share count or listing timeline. Founded by former OpenAI researchers and backed by Amazon and Google, Anthropic has reported an annual revenue run rate of $65 billion, up sharply from approximately $9 billion at the end of 2025, although an earlier report put the figure at roughly $47 billion in May 2026. The company’s growth is offset by substantial losses, concerns about an anticipated AI backlash identified in its IPO filing and an ongoing legal dispute with the Trump administration linked to a Pentagon blacklist earlier this year. Anthropic’s latest $65 billion Series H funding round valued it at $965 billion post-money, while prediction markets assign a 23.4% YES probability to a market cap of $2.5 trillion to $2.75 trillion at IPO close and a 92.5% probability to an IPO by December 31, 2026. Another market gives a 98% probability to Anthropic reaching a $1.25 trillion valuation by December 31. Amazon’s stake and potential strategic moves by its major investors, SEC developments, updated financial disclosures and changes in AI market conditions remain key variables for the offering.