Bloomberg was the first to report that Morgan Stanley and Goldman Sachs were selected as lead underwriters, with JPMorgan Chase also on the deal . The selection was confirmed by multiple outlets citing people familiar with the matter .

An unusual structural challenge: Goldman Sachs and Morgan Stanley are simultaneously leading the IPO mandates for both Anthropic and its chief rival, OpenAI . This requires separate internal teams and confidential information walls — an uncommon arrangement for the two largest AI IPOs in history.

Valuation Trajectory: From $380 Billion to Over $1 Trillion

Anthropic's valuation has experienced an unprecedented surge over the first half of 2026:

• Series G (February 2026): The company raised $30 billion at a $380 billion post-money valuation, as confirmed by CNBC and an official Anthropic announcement on February 12, 2026 .
• Secondary-Market Surge (April–July 2026): By April 2026, shares on private trading platforms like Forge Global and Caplight implied a valuation of approximately $1 trillion — a roughly 3x repricing in just 90 days . By July 2026, that figure had climbed further to $1.2 trillion, surpassing OpenAI's implied ~$908 billion on the same platforms .
• Series H (May 2026): In late May, Anthropic raised $65 billion at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital .

Important caveat: The secondary-market valuations (~$1 trillion–$1.2 trillion) are based on thinly traded private share transactions and derivatives on platforms like Caplight and Forge Global. They are not primary fundraising rounds and may reflect speculative demand rather than a reliable prediction of the eventual IPO price .

Revenue Run Rate: The Growth Story Behind the Numbers

Anthropic disclosed in its May 28, 2026, Series H announcement that its annualized revenue run rate crossed $47 billion in early May 2026 . The company's official X (Twitter) account confirmed this figure on June 15, 2026 .

To put this explosive growth in context:

• December 2024: ~$1 billion in annualized revenue
• End of 2025: ~$9 billion
• February 2026: ~$14 billion
• April 2026: ~$30 billion
• May 2026: $47 billion

This trajectory represents roughly $8 billion in new annualized revenue per month from February to May 2026 . It is widely described as the fastest growth in enterprise software history at this scale .

Major Backers

Based on company announcements and investor lists , Anthropic's roster of backers reads like a map of contemporary tech and finance power:

• Amazon: Largest strategic investor, with approximately $8 billion committed cumulatively . AWS also serves as Anthropic's primary training cloud.
• Microsoft & Nvidia: Each disclosed intentions to invest up to $5 billion and $10 billion respectively (CNBC, January 2026) .
• Sequoia Capital: Participated in the Series H round, breaking a decades-old taboo by investing in both Anthropic and OpenAI .
• D1 Capital Partners: Co-led the Series H round .
• Other Notable Participants (Series H): Capital Group, Coatue, GIC, ICONIQ, XN, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, MGX, T. Rowe Price, Temasek, and more .

Deal Size: What $60 Billion+ Means

The offering is expected to raise more than $60 billion, which would make it one of the largest IPOs in history . For context, this would dwarf Meta's $16 billion listing in 2012 and Alibaba's $25 billion raise in 2014 .

The Bigger Picture: Can Public Markets Absorb a Near-Trillion-Dollar AI Company?

The IPO is widely described as the highest-stakes test of whether public markets can absorb a near-trillion-dollar AI company . Key structural challenges include:

• Sheer size: A >$60 billion raise would test institutional demand capacity in a way no tech IPO has before .
• Competing AI IPOs: As noted, having the same lead banks work both Anthropic's and OpenAI's IPOs simultaneously is an unusual arrangement .
• Revenue vs. valuation gap: Even at $47 billion ARR, the $965 billion+ implied valuation represents a multiple that skeptics argue may not hold under public-market scrutiny .
• Private-market froth: The gap between the last official primary round ($965 billion) and secondary-market pricing ($1.2 trillion) highlights speculative excess that could correct once the company's books are open to all investors .

On DeepSeek

Regarding the competitive landscape, the user's query referenced DeepSeek preparing a mainland China IPO filing for late 2026. The evidence collected does not support this claim, and it should be treated as unverified unless a specific source is provided.

This article is based on reporting from Bloomberg, CNBC, Business Insider, The Information, TechTimes, and company announcements as of mid-2026. All figures are sourced and cited.

Bloomberg was the first to report that Morgan Stanley and Goldman Sachs were selected as lead underwriters, with JPMorgan Chase also on the deal . The selection was confirmed by multiple outlets citing people familiar with the matter .

An unusual structural challenge: Goldman Sachs and Morgan Stanley are simultaneously leading the IPO mandates for both Anthropic and its chief rival, OpenAI . This requires separate internal teams and confidential information walls — an uncommon arrangement for the two largest AI IPOs in history.

Valuation Trajectory: From $380 Billion to Over $1 Trillion

Anthropic's valuation has experienced an unprecedented surge over the first half of 2026:

• Series G (February 2026): The company raised $30 billion at a $380 billion post-money valuation, as confirmed by CNBC and an official Anthropic announcement on February 12, 2026 .
• Secondary-Market Surge (April–July 2026): By April 2026, shares on private trading platforms like Forge Global and Caplight implied a valuation of approximately $1 trillion — a roughly 3x repricing in just 90 days . By July 2026, that figure had climbed further to $1.2 trillion, surpassing OpenAI's implied ~$908 billion on the same platforms .
• Series H (May 2026): In late May, Anthropic raised $65 billion at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital .

Important caveat: The secondary-market valuations (~$1 trillion–$1.2 trillion) are based on thinly traded private share transactions and derivatives on platforms like Caplight and Forge Global. They are not primary fundraising rounds and may reflect speculative demand rather than a reliable prediction of the eventual IPO price .

Revenue Run Rate: The Growth Story Behind the Numbers

Anthropic disclosed in its May 28, 2026, Series H announcement that its annualized revenue run rate crossed $47 billion in early May 2026 . The company's official X (Twitter) account confirmed this figure on June 15, 2026 .

To put this explosive growth in context:

• December 2024: ~$1 billion in annualized revenue
• End of 2025: ~$9 billion
• February 2026: ~$14 billion
• April 2026: ~$30 billion
• May 2026: $47 billion

This trajectory represents roughly $8 billion in new annualized revenue per month from February to May 2026 . It is widely described as the fastest growth in enterprise software history at this scale .

Major Backers

Based on company announcements and investor lists , Anthropic's roster of backers reads like a map of contemporary tech and finance power:

• Amazon: Largest strategic investor, with approximately $8 billion committed cumulatively . AWS also serves as Anthropic's primary training cloud.
• Microsoft & Nvidia: Each disclosed intentions to invest up to $5 billion and $10 billion respectively (CNBC, January 2026) .
• Sequoia Capital: Participated in the Series H round, breaking a decades-old taboo by investing in both Anthropic and OpenAI .
• D1 Capital Partners: Co-led the Series H round .
• Other Notable Participants (Series H): Capital Group, Coatue, GIC, ICONIQ, XN, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, MGX, T. Rowe Price, Temasek, and more .

Deal Size: What $60 Billion+ Means

The offering is expected to raise more than $60 billion, which would make it one of the largest IPOs in history . For context, this would dwarf Meta's $16 billion listing in 2012 and Alibaba's $25 billion raise in 2014 .

The Bigger Picture: Can Public Markets Absorb a Near-Trillion-Dollar AI Company?

The IPO is widely described as the highest-stakes test of whether public markets can absorb a near-trillion-dollar AI company . Key structural challenges include:

• Sheer size: A >$60 billion raise would test institutional demand capacity in a way no tech IPO has before .
• Competing AI IPOs: As noted, having the same lead banks work both Anthropic's and OpenAI's IPOs simultaneously is an unusual arrangement .
• Revenue vs. valuation gap: Even at $47 billion ARR, the $965 billion+ implied valuation represents a multiple that skeptics argue may not hold under public-market scrutiny .
• Private-market froth: The gap between the last official primary round ($965 billion) and secondary-market pricing ($1.2 trillion) highlights speculative excess that could correct once the company's books are open to all investors .

On DeepSeek

Regarding the competitive landscape, the user's query referenced DeepSeek preparing a mainland China IPO filing for late 2026. The evidence collected does not support this claim, and it should be treated as unverified unless a specific source is provided.

This article is based on reporting from Bloomberg, CNBC, Business Insider, The Information, TechTimes, and company announcements as of mid-2026. All figures are sourced and cited.