Anthropic is preparing a potentially record public-market transaction that could raise more than $86 billion, surpass SpaceX’s reported $75 billion IPO benchmark and potentially exceed $100 billion, although newer reporting describes the transaction as a possible funding round. The company filed a draft registration with the U.S. Securities and Exchange Commission on June 1, 2026, expects to release a prospectus after Labor Day and is targeting a Nasdaq listing in late September or early October, with Morgan Stanley, Goldman Sachs and JPMorgan Chase slated as underwriters. Its $65 billion Series H, closed in late May 2026, valued Anthropic at $965 billion, above OpenAI’s $852 billion and making it the most valuable private AI company, although earlier coverage cited a materially lower $96.5 billion valuation. Revenue was about $9 billion on an annualized basis at the end of 2025 and is projected at $47 billion to $65 billion by mid-to-late 2026, with some investor estimates reaching $100 billion to $120 billion by year-end. Existing investors and employees may be allowed to sell shares, while final pricing, share count and transaction structure remain undisclosed.