Anthropic, the public benefit corporation behind Claude, filed a confidential S-1 registration statement with the Securities and Exchange Commission on June 1, entering what analysts describe as the most concentrated wave of high-value tech listings in market history.
The filing gives the company the option to pursue an IPO once the SEC completes its review. It has not determined a share count, offering price, or listing date.
The S-1 was submitted four days after Anthropic closed a $65 billion Series H led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, placing its post-money valuation at $965 billion — surpassing OpenAI‘s $852 billion valuation from March. The company said its revenue run-rate crossed $47 billion earlier in May on enterprise demand for Claude across coding and agentic workflows.
SpaceX filed a public S-1 on May 20 after a confidential submission in April, plans its investor roadshow the week of June 8, prices the deal June 11, and targets a first trade on Nasdaq under (SPCX) on June 12. The offering targets a $1.75 trillion valuation and a raise of up to $75 billion — which would rank as the largest public offering by proceeds in history, eclipsing Saudi Aramco‘s 2019 record. SpaceX’s S-1 covers a combined entity following its February 2026 all-stock acquisition of xAI, and discloses $18.67 billion in combined 2025 revenue.
Read: Did Nasdaq Rewrite Its Index Rules for SpaceX?
OpenAI confidentially filed its own S-1 on May 22, with Goldman Sachs, Morgan Stanley, and JPMorgan leading the deal, targeting a September debut at a valuation between $852 billion and $1 trillion. The company has not publicly confirmed the filing. SEC rules keep the document private until roughly 15 days before the roadshow; reporting based on the submission suggests OpenAI generates roughly $2 billion in monthly revenue but spends $1.22 to produce each dollar of it.
Anthropic recently locked in five gigawatts of new compute capacity from Amazon, five gigawatts of next-generation TPU capacity from Google and Broadcom, and GPU access at SpaceX’s Colossus 1 and Colossus 2 facilities.
As a public benefit corporation, it carries a legal obligation to weigh social and environmental impact alongside shareholder returns — a governance structure that will draw scrutiny from institutional investors accustomed to more conventional capital arrangements.
Market analysts project that 2026 US IPO proceeds could reach $160 billion, roughly four times 2025 levels. If all three companies complete their listings, their combined market value would approach $3 trillion, reaching public markets within months of each other.
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