Anthropic submitted its confidential S-1 registration statement to the SEC on June 1, 2026, three days after closing a $65 billion Series H that valued the company at $965 billion. The filing positions Anthropic to list as early as October, potentially reaching Wall Street before OpenAI despite OpenAI filing its own S-1 just four days earlier.
The timing matters less than what the two filings reveal. OpenAI’s S-1 showed a company losing $1.22 for every dollar of revenue while chasing consumer scale at 500 million monthly active users. Anthropic’s filing tells the opposite story: an enterprise-first company where 80% of revenue comes from business customers, and Fortune reports the company is on pace for its first profitable quarter.
Goldman Sachs, JPMorgan, and Morgan Stanley are in discussions to underwrite what could become the largest AI IPO in history. If the company lists near its private market valuation, Anthropic will be the first trillion-dollar AI company to trade on a public exchange.
From $4 Billion to $47 Billion in Twelve Months
The number that will define Wall Street’s conversation about this filing: Anthropic’s annualized revenue run rate hit $47 billion in May 2026, up from roughly $4 billion in July 2025 and $9 billion at the end of 2025. CNBC reported in late May that the company was on pace to generate $10.9 billion in the second quarter alone, more than doubling its prior quarter. Anthropic has told investors the run rate will exceed $50 billion by the end of July.
For context, Anthropic’s annualized revenue was roughly $600 million at the end of 2024. The trajectory from $600 million to $47 billion in 18 months represents approximately an 80-fold increase, a growth curve without precedent in enterprise software. Salesforce took 17 years to reach $20 billion in annual revenue. Anthropic is approaching $50 billion in its fourth year of commercial operations.
The valuation flip that put Anthropic ahead of OpenAI in May was driven by exactly this revenue trajectory. When Anthropic passed OpenAI in revenue earlier this year, the private market responded by pushing the valuation from $380 billion (Series G in March) to $965 billion (Series H in May). OpenAI’s most recent private valuation, by comparison, was $852 billion in March.
The Enterprise Revenue Mix Changes Everything
What separates Anthropic’s revenue story from OpenAI’s is composition, not just scale.
Anthropic derives approximately 80% of its revenue from enterprise customers. The company has more than 300,000 business customers, with over 1,000 now spending more than $1 million annually. That number doubled from roughly 500 in under two months as of April 2026, according to TechTimes. A dozen companies were spending at that level just two years ago.
OpenAI generates the majority of its revenue from consumer subscriptions (ChatGPT Plus, Pro, and Team plans), with enterprise revenue growing but still representing a smaller share of the total. This structural difference matters for public market investors because enterprise revenue is more predictable, carries higher switching costs, and commands higher revenue multiples on Wall Street.
Claude Code has emerged as the single largest growth driver within the enterprise business. The coding agent hit $1 billion in annualized revenue by November 2025 and reached $2.5 billion by February 2026, with enterprise customers accounting for more than half of that total. Netflix, Spotify, KPMG, and Salesforce are among the large buyers. Fortune’s reporting suggests that Anthropic’s advances in coding and cybersecurity capabilities, including Project Glasswing, have been the primary catalysts for enterprise adoption in 2026.
The enterprise hiring shift reinforces the trajectory. TechTimes reported that Anthropic’s enterprise sales and customer success hiring now outpaces research hiring for the first time in the company’s history. That is the signal of a company building the go-to-market machine required to sustain growth as a public company, not just a research lab publishing papers.
A Benefit Corporation Headed for a Trillion-Dollar Listing
Anthropic is not structured like a typical pre-IPO tech company. It is a Delaware public benefit corporation (PBC), meaning its charter requires directors to balance shareholder returns with a stated social mission: “responsible development and maintenance of advanced AI for the long-term benefit of humanity.”
The governance architecture includes a Long-Term Benefit Trust (LTBT) that holds a special class of shares with escalating board election rights. Over time, the LTBT will elect a majority of board directors, giving an independent body of technical and safety experts meaningful oversight over strategic decisions even after the company goes public. The likely offering structure involves a single class of common stock for public buyers, while the LTBT retains its Class T shares and long-horizon oversight rights.
This is designed to prevent the kind of governance crisis that reshaped OpenAI in 2023 when the board briefly fired Sam Altman, leading to a restructuring that converted OpenAI from a capped-profit nonprofit to a for-profit entity. Anthropic’s approach bakes the safety mandate into the corporate structure itself rather than relying on board composition that can shift under investor pressure.
For public market investors, the PBC structure introduces a question with almost no precedent at this scale. Patagonia operates as a PBC, but it is privately held. Veeva Systems trades publicly as a PBC with a market cap of roughly $35 billion. Anthropic would be the largest public benefit corporation ever to trade on a public exchange by a factor of nearly 30x. Some institutional funds will see the LTBT as a safeguard against short-termism in a field where missteps carry outsized consequences. Others will view it as a constraint on maximizing shareholder value.
Two Filings, Two Theories of the AI Business
The Anthropic and OpenAI S-1 filings, read together, reveal two fundamentally different theories about how to build a lasting AI company.
OpenAI’s model is consumer-first and platform-scale. ChatGPT has roughly 500 million monthly active users, and the company is building an advertising platform, a hardware device, and a $4 billion consulting arm simultaneously. Revenue is growing, but so are compute costs. OpenAI’s S-1 disclosed that the company loses money on every dollar earned. The bet is that consumer distribution will eventually bend the cost curve and create a data and advertising moat similar to what Google built with search.
Anthropic’s model is enterprise-first and margin-focused. Fewer total users, but higher revenue per customer. The 80% enterprise revenue mix suggests healthier unit economics because enterprise contracts come with committed spend, predictable usage patterns, and lower customer acquisition costs relative to consumer subscriptions. Where OpenAI is building a consumer conglomerate, Anthropic is building an enterprise software company that happens to operate at the frontier of AI research.
The infrastructure investments are different too. OpenAI signed a $20 billion deal with Cerebras to diversify its compute supply chain. Anthropic partnered with SpaceX to access 220,000 GPUs at the Colossus data center and acquired Stainless for $300 million to control its developer tooling stack. Both companies are spending billions on compute. The difference is that Anthropic’s enterprise-heavy revenue mix may cover those costs sooner, and the Fortune report that Anthropic is approaching its first profitable quarter supports exactly that thesis.
What Stands Between Anthropic and October
A confidential S-1 filing is not a guaranteed listing. Anthropic can withdraw at any time if market conditions shift. The confidential process lets the company receive SEC feedback and revise its financials before making anything public.
Several factors will shape what happens next. OpenAI’s own IPO is reportedly targeting September. If OpenAI goes first and prices well, it creates favorable conditions for Anthropic. If it prices poorly, Anthropic may delay. The broader market matters too; AI stocks have been volatile in 2026, and a correction between now and October could compress the valuation that public investors accept.
The company also faces a specific legal risk. Anthropic is in a legal battle with the U.S. government over a Pentagon supply-chain risk designation that could jeopardize billions of dollars in federal contract revenue. The outcome of that case will be a material disclosure in the public S-1.
What is not uncertain is the trajectory. Anthropic has grown from a research lab with 150 employees into the world’s most valuable private AI company in under four years. Its revenue is growing faster than any enterprise software company in history. Its filing, once made public, will give the market its first detailed look at what frontier AI growth actually costs and what it takes to sustain.
Two S-1s, two very different business models, one question: what does a sustainable AI company actually look like? By October, Wall Street will start pricing the answer.