Anthropic files confidential IPO as AI valuation eclipses national GDPs
Concurrent expansion of critical infrastructure security programme underscores capital intensity of frontier AI development
Anthropic has confidentially filed for an initial public offering, positioning the artificial intelligence lab to compete with OpenAI and SpaceX for the distinction of becoming one of the first companies to list with a valuation near or above $1 trillion. The filing, submitted on 1 June 2026, follows a heavily oversubscribed $65 billion Series H funding round completed on 28 May, which valued the company at approximately $965 billion.
The valuation exceeds the 2025 gross domestic product of Belgium, Sweden, and Argentina, according to International Monetary Fund figures. Only 21 countries produced more than $1 trillion in goods and services in 2025. The company’s revenue run rate reached approximately $47 billion in May 2026, a significant increase from roughly $10 billion a year earlier, highlighting the rapid scaling of its commercial operations.
On 2 June, Anthropic expanded its critical infrastructure security programme, Project Glasswing, to approximately 150 organisations across more than 15 countries. The initiative leverages Claude Mythos, described as the company’s most powerful model, to identify thousands of zero-day software flaws. The expanded partner group includes the U.S. government, NATO, the European Union’s cybersecurity agency, Okta, Samsung, and SK Hynix, covering sectors such as power grids, water systems, and hospitals.
The timing of the security expansion, occurring just one day after the IPO filing, signals confidence to potential public market investors. The move comes amid intensifying competition with rival OpenAI, which has released its own cybersecurity model, GPT-5.5-Cyber, to a group of testers. Analysts note that the race to go public is driven by the substantial capital required for model training and inference, as well as the need to secure market position before capital constraints impact growth.
Anthropic’s shares are not currently available for public purchase, and no pricing date has been set. The company’s AI models operate on hardware from Nvidia and cloud infrastructure provided by Amazon, Alphabet, and Microsoft. These underlying technologies are held by many institutional investors, meaning Anthropic’s eventual listing could reset valuation metrics for the broader artificial intelligence complex.
