Anthropic's S-1 filing: What it reveals about the IPO valuation
Anthropic filed its S-1 registration document on Monday, October 26, 2026, ahead of its highly anticipated IPO, but left the price range and share count blank, meaning no official valuation has been set. The S-1 confirms a Series H private round in Q2 2026 raising $65.2 billion at $589.0095 per preferred share, which converts to roughly $58.90 per common share after a 10-for-1 split. Media reports suggest a potential IPO valuation of $1.5 trillion to $2 trillion, though Anthropic has not confirmed these figures. Revenue grew 14 times year-over-year in H1 2026, with operating profit in Q2, but convertible notes and RSU settlements will increase outstanding shares. A price range is expected in an amended S-1 around the week of November 9.