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.
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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.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
