Anthropic Files Confidential IPO Prospectus Amid Explosive Growth and Pentagon Drama

Anthropic has filed a confidential IPO prospectus with the SEC, positioning the Claude-maker for what could be one of the most consequential public offerings in tech history. The company stressed that the move preserves optionality — an actual IPO hinges on market conditions — but the filing puts Anthropic ahead of OpenAI, which is preparing its own confidential submission. Under SEC rules, Anthropic must deliver its public prospectus to investors at least 15 days before any roadshow begins.

The backdrop is staggering growth. Anthropic's revenue run rate hit $47 billion as of May 2026 — up from $10 billion in annual revenue just a year earlier. The company's latest funding round closed at a $965 billion valuation, topping rival OpenAI's $852 billion mark from late March. Founded in 2021 by former OpenAI researchers who broke away over strategic disagreements, Anthropic has built its business around the Claude model family, most recently turbocharged by its AI coding assistant Claude Code.

A major catalyst for investor excitement is Claude Mythos Preview, a new model with advanced cybersecurity capabilities that Anthropic released to a select group of companies through an initiative called Project Glasswing. The model has drawn serious attention in Washington, with the company in active conversations with senior Trump administration officials about its potential applications. The launch was especially welcome given the turbulence earlier this year: the Pentagon blacklisted Anthropic's models after contract negotiations collapsed, prompting defense contractors to drop the company. Anthropic sued the Trump administration to reverse the decision — that litigation remains active — though President Trump signaled in April that a deal is possible.

Despite the DOD setback, private-sector adoption accelerated. Consumer interest also surged: Claude climbed to the No. 1 spot on Apple's U.S. free apps chart in late February. To keep pace with soaring demand, Anthropic struck a major infrastructure deal with SpaceX, paying $1.25 billion per month through May 2029 for access to compute capacity at the Colossus 1 data center in Memphis, Tennessee. The deal can be terminated with 90 days' notice by either side.