$965 Billion Valuation: Anthropic's S-1 Filing Sets Stage for Largest Public Offering in History
Anthropic, maker of AI model Claude, quietly filed its draft S-1 registration statement with the SEC on June 1. This move marks what the AI industry has been whispering about for months: the company is heading to public markets.
The confidential filing doesn't include share count, pricing, or a timeline for listing. Anthropic says those details will depend on market conditions.
Just days before the S-1 hit the SEC's desk, Anthropic closed a $65 billion Series H funding round. This valued the company at $965 billion post-money, placing it in the same tier as the world's most valuable public companies.
Amazon has poured up to $33 billion into Anthropic, structured across multiple tranches: $8 billion deployed before April 2026, another $5 billion in immediate funding, and milestone-based investments that could reach an additional $20 billion. In return, Anthropic pledged to spend over $100 billion on Amazon Web Services compute and infrastructure over the next decade.
Amazon's financial exposure here is enormous and increasingly complicated. The tech conglomerate has nearly tripled its stake in Anthropic in value, with the position appreciating by more than $116 billion between Q1 and Q2 2026. This means Amazon's total investment of $33 billion has generated a paper gain of roughly $157 billion at current valuations.