Anthropic Engages Morgan Stanley and Goldman Sachs to Lead IPO, JPMorgan Participates
On June 2, Anthropic submitted a confidential S-1 registration statement draft to the SEC, following the completion of a $65 billion Series H funding round at the end of May, resulting in a post-money valuation of $965 billion, making it the highest-valued private AI company globally.
Market Mechanism: Early investors and strategic partners are the main beneficiaries realizing some returns, with expectations of capital flowing from private markets to public markets increasing. Anthropic benefits from high valuation and strong revenue capabilities, with stock prices of shareholders like Salesforce boosted, while other unlisted companies in the AI sector face valuation reference pressure.
Supplementary Data: Salesforce has invested approximately $50 million cumulatively, with current holdings valued at about $5 billion, driving its stock price up by 10% in a single day; Anthropic's annualized revenue run rate has surpassed $47 billion.
Source: Public Information
ABAB AI Insight
Anthropic, founded by Dario Amodei, rapidly expanded with early strategic investments from Amazon and Google. This confidential S-1 submission continues its transition from high-valuation private funding to the public market, with the Series H round at the end of May 2026 further solidifying its industry-leading position.
In terms of capital pathways, Altimeter Capital, Dragoneer, Greenoaks, Sequoia, and others led the $65 billion round, while strategic partners like Amazon, Google, and Temasek continue to increase their stakes, motivated by the IPO to enable early investor exits and raise further expansion funds, while leveraging shareholder cases like Salesforce to boost market confidence.
Similar to potential IPO attempts by OpenAI, Anthropic is currently at a critical early stage of transitioning from heavy reliance on private funding to becoming a public company, focusing on validating the sustainability and commercialization of its $47 billion annualized revenue.
Structural Judgment: Essentially a concentration of capital. Anthropic is advancing through record valuations and IPOs, rapidly gathering top VCs and strategic capital on a single AI platform, shifting pricing power from private negotiations to dynamic public market pricing, with the mechanism being that high revenue run rates and endorsements from multiple giants significantly enhance market confidence in its long-term growth.
ABAB News · Cognitive Law
A $965 billion valuation is the market's early vote on future cash flows.
An early $50 million investment turning into $5 billion represents a true leap in wealth that always occurs at the starting point of the race.
When AI companies' annualized revenue surpasses $47 billion, the IPO merely transforms paper wealth into real capital.