Monday morning, Anthropic submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The filing is the formal start of the IPO process. It follows a $65 billion funding round, closed last week, that placed the post-money valuation at $965 billion. CNBC and NPR, reporting on the filing, noted an annualized revenue run rate that has crossed $47 billion (anthropic.com). No share count. No price range. A listing as early as October 2026 is the reported target. Wilson Sonsini, the firm that handled Google's 2004 public debut, is reportedly engaged for the process.

The filing is confidential. Revenue, margins, and risk factors stay private until Anthropic elects to disclose them. What is public today: the direction, and the scale.