Anthropic filed a confidential draft S-1 registration statement with the SEC (U.S. securities regulator) on June 1, formally signaling plans to enter the public markets. The filing omits share count, pricing and a listing timeline, saying those decisions will depend on market conditions. The move follows a $65 billion Series H funding round that valued Anthropic at $965 billion post-money, while its annualized revenue run rate was roughly $47 billion as of May 2026. Amazon has committed up to $33 billion across multiple tranches and held a stake valued at $190.4 billion at the end of Q2 2026, up from $74.2 billion at the end of Q1. That implies a paper gain of roughly $157 billion, or nearly six times Amazon’s investment, before an IPO is priced. Anthropic is organized as a Delaware public benefit corporation and has created a Long-Term Benefit Trust with majority rights in board elections, limiting shareholder control compared with a traditional corporation. If Anthropic prices an IPO near its private valuation, it would rank among the largest public offerings in history and imply roughly a 20x multiple on annualized revenue.