Anthropic filed a confidential draft of its IPO paperwork with the SEC on June 1. The company has not set a date, but people involved point to a listing as early as October.
That filing came four days after Anthropic closed a $65 billion funding round that valued the company at $965 billion. In February, the same company was valued at $380 billion. The price more than doubled in about three months.
A debut at or above $1 trillion is now the base case if markets hold up. And the money involved would set a record. A raise of more than $60 billion would pass Saudi Aramco's $29.4 billion sale in 2019 as the largest IPO ever measured by cash raised.
Here is the part most coverage skips. You cannot buy Anthropic. It is private. But you can already own two of the largest stakeholders, and both trade every day.
The revenue number that justifies the price
Start with why anyone would pay $965 billion for a company that did not exist five years ago.
Anthropic's run-rate revenue reached about $47 billion as of late May. At the end of 2025 that figure was around $9 billion. Growth like that is the entire argument. Enterprise contracts and the Claude Code product are doing most of the work.
Put the valuation against the revenue and you get roughly 20 times run-rate sales. That is steep. For comparison, Amazon trades near 3.8 times sales and Alphabet trades near 10.7 times. Anthropic is being priced for years of the same growth it just posted, not for what it earns today.
That is the risk and the appeal in one number. Buyers are paying for a curve, not a profit.
Amazon's bet is bigger than it looks
Amazon started backing Anthropic in 2023 and has put in around $8 billion across several installments, with commitments to invest more over time. Reported estimates put its stake in the mid-to-high teens as a percentage of the company.
At a $965 billion valuation, that position is worth somewhere around $135 billion to $160 billion on paper, according to reported estimates. Amazon has not confirmed an exact figure, which is one reason the IPO matters. A public filing forces the number into the open.
Amazon is more than a passive holder. Its cloud unit, AWS, is Anthropic's primary computing partner, so the relationship feeds Amazon's core business as well as its balance sheet. Amazon carries a market value near $2.7 trillion and trades around 16 times EV/EBITDA with return on equity near 23%. The Anthropic stake is a rounding error against that market cap, but the paper gains have padded reported profits in recent quarters.
Google's stake is capped on purpose
Alphabet holds roughly 14% of Anthropic in straight equity, with a contractual cap near 15%. The cap is deliberate. It keeps Google below the level that would invite tougher antitrust review of an AI rival it helped fund.
Alphabet is the larger company of the two, with a market value near $4.5 trillion. It trades around 20 times EV/EBITDA and roughly 10.7 times sales, with return on equity near 39%, among the highest of any company its size. Like Amazon, Alphabet has booked gains on its Anthropic holding that flowed into reported earnings.
For a public investor, this is the cleanest takeaway. If you own Amazon or Alphabet, you already hold indirect Anthropic exposure. You did not have to wait for a roadshow, and you are not paying a markup to a middleman.
The banks running the deal
A deal this size is a fee event for whoever underwrites it. Goldman Sachs, JPMorgan, and Morgan Stanley are reported as the lead underwriters.
Morgan Stanley trades around 18 times earnings and just under 3 times book value, with a dividend yield near 1.9% and a market value around $335 billion. Underwriting and advisory fees on a $60 billion-plus offering would be material even for a firm that size, and the bank is also advising on the OpenAI process. A heavy IPO calendar tends to lift the investment banks that control the deal flow.
This is one of three giants headed for the exit
Anthropic is not alone. Three of the largest private companies in the world are lining up to list inside the same window.
SpaceX prices its offering June 11 and trades June 12 at a valuation near $1.77 trillion. OpenAI is preparing its own confidential filing, with a listing targeted as early as September at a valuation above $1 trillion, after disclosing a $122 billion funding round at an $852 billion valuation on March 31. Its revenue passed $20 billion on an annualized basis at the end of 2025.
Stack them together and you have close to $3.6 trillion in private value trying to reach public markets in roughly four months. That is the real story. The IPO window for the biggest AI names is open right now, and it may not stay open if rates keep climbing and risk appetite cools.
What to Watch From Here
The first hard data point is the SpaceX debut on June 12. A strong reception tells you institutional demand for mega-cap listings is intact and clears the runway for Anthropic and OpenAI. A weak one tells you the window is tightening.
Watch Anthropic's public S-1 as well. A confidential draft stays hidden until roughly 15 days before the roadshow, so the real numbers, including exact stakes held by Amazon and Alphabet, will not surface until closer to the listing. When they do, both stocks could move on the disclosure alone.
For anyone tempted by pre-IPO access through a special purpose vehicle or a private-share fund, read the terms first. These vehicles often layer on management fees, lock up your money, mark holdings on a delay, and sometimes price in a premium above the last round. They are not a clean substitute for owning the stock. Owning Amazon or Alphabet is the simpler, cheaper way to ride the same outcome.
