From Claude to the Stock Market: Anthropic’s IPO Filing, Explained.
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Anthropic, the AI company behind the Claude chatbot that millions of people now lean on for work, has taken its first formal step toward going public. For a name this widely used, and this closely tied to the AI boom, the eventual stock market listing could become one of the most heavily traded debuts in years. But what sits behind the headline?
On June 1, 2026, Anthropic filed a draft registration statement with the SEC, the standard opening move for a large technology IPO.1 The company's most recent private valuation was roughly $965 billion, set by a $65 billion funding round that closed days earlier, and press reports have floated a $1 trillion-plus base case if the company lists this fall.2
The Company Behind Claude
Anthropic was founded in 2021 by siblings Dario and Daniela Amodei, both former OpenAI researchers, and now employs roughly 3,500 people.3 Its business runs wider than the Claude chatbot most consumers know. The Claude model family spans multiple tiers built for different jobs, from lightweight assistants to frontier-scale models, and Claude Code, the company's developer tool, has become a fixture inside engineering teams writing and reviewing software. Anthropic also popularized the Model Context Protocol, a connector standard now used across the industry to plug AI models into outside tools and data. That enterprise footprint shows up in the numbers: the company reports about 80% of its revenue comes from business customers, not consumer subscriptions.4
A Near-Vertical Growth Curve
Anthropic's annualized revenue run-rate climbed from about $9 billion at the end of 2025 to roughly $30 billion in April 2026, and past $47 billion by May.4 The company also told investors it expected its first operating profit, around $559 million, in the second quarter of 2026.5 The other side of that story is cost. Anthropic cut its 2025 gross-margin projection to about 40% from 50% as AI inference expenses ran higher than planned, and it has committed tens of billions of dollars to future computing capacity, so cash burn and compute dependence remain real questions heading into the listing.6
An Unusual Governance Structure
Anthropic is a public benefit corporation paired with a Long-Term Benefit Trust. A special class of shares gives the Trust's trustees the power to elect a growing share of the board over time, ultimately a majority.7 Supporters see a safeguard for the company's safety mission, while a public-market buyer may see a board not fully accountable to shareholders. It is a genuine two-sided consideration.
Big Backers and a Rival in the Wings
Amazon (Ticker: AMZN) and Alphabet's Google (Ticker: GOOGL) are both investors in and cloud partners to Anthropic, and Salesforce (Ticker: CRM) holds a reported stake as well.8 The competitive backdrop adds intrigue: OpenAI filed its own confidential paperwork just one week later, on June 8, but has since signaled it may wait until 2027 to list, meaning Anthropic could reach the public market first.9
What to Watch Next
The path runs through SEC review, a public version of the S-1, a roadshow, and, market conditions permitting, a listing targeted for this fall.9 To stay abreast of Anthropic's anticipated IPO and other market developments, you can register for Direxion Updates right to your email inbox.
Direxion, a leading provider of ETFs for tactical traders, has filed with the U.S. Securities and Exchange Commission to launch the Direxion Daily Anthropic Bull 2X ETF (ANTO) and Direxion Daily Anthropic Bear 2X ETF (ANTD). ANTO will seek daily investment results, before fees and expenses, of 200% of the daily performance of the common stock of Anthropic, and ANTD will seek daily investment results, before fees and expenses, of 200% of the inverse (-200%) of that performance. Both are expected to begin trading shortly after Anthropic completes its initial public offering, and its shares begin trading, subject to SEC effectiveness. For more information, go here.
1 CNBC, “Anthropic confidentially files IPO prospectus with SEC, prepping Wall Street for landmark AI deal,” June 1, 2026. Accessed August 2026. https://www.cnbc.com/2026/06/01/anthropic-ipo-s1-prospectus.html
2 The How2Shout, “Anthropic Files Confidentially for IPO After $965 Billion Valuation Surpasses OpenAI,” June 2, 2026. Accessed August 2026. https://www.how2shout.com/ai/anthropic-ipo-s1-sec-965-billion-valuation-openai-spacex-2026.html
3 Informed Clearly, “AI Giants Race to IPO: Anthropic, OpenAI Go Public in June 2026,” June 10, 2026. Accessed August 2026. https://informedclearly.com/en/ai/54704/anthropic-openai-ipo-june-2026
4 Nerd Level Tech, “Anthropic Overtakes OpenAI: The $30B ARR Milestone (2026),” May 14, 2026. Accessed August 2026. https://nerdleveltech.com/anthropic-overtakes-openai-revenue-30-billion-arr
5 Forbes, “OpenAI And Anthropic Are Testing Two Very Different AI Business Models,” May 21, 2026. Accessed August 2026. https://www.forbes.com/sites/paulocarvao/2026/05/21/anthropic-openai-enterprise-ai-profitability/
6 Investing.com via TrustFinance, “Anthropic Cuts Profit Margin Outlook on Rising AI Costs,” January 22, 2026. Accessed August 2026. https://www.trustfinance.com/en-US/blog/anthropic-cuts-profit-margin-outlook-on-rising-ai-costs
7 Harvard Law School Forum on Corporate Governance, “Anthropic Long-Term Benefit Trust,” October 28, 2023. Accessed August 2026. https://corpgov.law.harvard.edu/2023/10/28/anthropic-long-term-benefit-trust/
8 TechCrunch, “Google to invest up to $40B in Anthropic in cash and compute,” April 24, 2026. Accessed August 2026. https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/
9 INDmoney, “Anthropic and OpenAI IPOs Postponed to 2027? The AI Listing Race Just Got Complicated,” June 29, 2026. Accessed August 2026. https://www.indmoney.com/blog/us-stocks/anthropic-openai-ipo-date-valuation-risks
* Definitions & Index Descriptions
Investing in the Funds involves a high degree of risk. Anthropic has not yet completed an initial public offering, and the Funds will not commence operations until Anthropic's common stock is publicly listed. As a newly public company, Anthropic may experience heightened volatility. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged single-stock ETF tracks the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock’s performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Funds will lose money if the underlying stock’s performance is flat, and it is possible that the Funds will lose money even if the underlying stock’s performance increases, over a period longer than a single day. Investing in the Funds is not equivalent to investing directly in Anthropic.
Information Technology Sector Risk — The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs.
Software Industry Risk — Companies that develop and implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks associated with technology.
Artificial Intelligence (AI) and Big Data Company Risk — Companies engaged in AI and big data typically face intense competition and potentially rapid product obsolescence as well as the risks of increased regulations or restrictions which could have an impact on AI and big data companies.
Anthropic Investing Risk — Investing in Anthropic involves a high degree of risk. Anthropic operates in a rapidly changing and highly competitive industry. Returns depend in part on Anthropic’s ability to develop, train, and commercialize advanced artificial intelligence models and related products and services while managing substantial research, development, and computing infrastructure costs. Anthropic faces intense competition from large, well-capitalized technology companies, emerging artificial intelligence firms, and open-source initiatives. Anthropic relies on third-party cloud infrastructure and specialized hardware, and disruptions, capacity constraints, or cost increases could adversely affect its operations. Anthropic is subject to evolving regulatory scrutiny related to artificial intelligence, data protection, privacy, intellectual property, and content governance, and adverse regulatory developments could impose significant costs or restrict its business model. Real or perceived defects, bias, misuse, or harmful outputs from Anthropic’s models could result in reputational harm, legal liability, or loss of customers. Anthropic may not be able to sustain revenue growth or achieve profitability due to continued investment requirements and market uncertainty.