# Anthropic's IPO and funding

Researched with Autumn (https://www.autumn.ai) from public sources. Updated 2026-10-18. Interactive version: https://www.autumn.ai/resources/anthropic/ipo. Not investment advice.

## Where the IPO stands

- Dec 2025: Hired the law firm Wilson Sonsini to prepare for a possible IPO, the Financial Times reported. [1](https://www.reuters.com/business/retail-consumer/anthropic-plans-an-ipo-early-2026-ft-reports-2025-12-03/)
- Jun 1, 2026: Confidentially filed for a U.S. IPO, Reuters reported. [1](https://www.reuters.com/business/ai-giant-anthropic-confidentially-files-us-ipo-2026-06-01/)
- Sep 28, 2026: Reuters reported on the prospectus: a listing that could value Anthropic at more than $2 trillion. [1](https://www.reuters.com/business/finance/anthropics-ipo-prospectus-shows-sweeping-ai-vision-surging-costs-2026-09-28/)
- Oct 14, 2026: At an investor day, Anthropic said third-quarter revenue rose 45% to $16.8 billion. Some investors discussed a valuation nearer $1.5 trillion. [1](https://www.reuters.com/business/finance/investors-temper-anthropic-ipo-valuation-expectations-over-revenue-growth-2026-10-15/)
- Nov 2026: Listing reported for November on Nasdaq. Not confirmed by the company. [1](https://www.cnbc.com/2026/09/14/anthropic-walks-tightrope-to-nasdaq-pushing-slowdown-and-pursuing-ipo.html)

## Valuation

- Dec 2023, Menlo-led round: $18.4B (reported), pre-money, in talks [1](https://www.reuters.com/markets/deals/anthropic-raise-750-mln-menlo-ventures-led-funding-round-information-2023-12-21/)
- Mar 2025, Series E: $61.5B [1](https://www.anthropic.com/news/anthropic-raises-series-e-at-usd61-5b-post-money-valuation)
- Sep 2025, Series F: $183B [1](https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation)
- Feb 2026, Series G: $380B [1](https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation)
- May 2026, Series H: $965B [1](https://www.anthropic.com/news/series-h)
- Aug 2026, Secondary trading: $1.5T (reported), share sales between investors [1](https://www.businessinsider.com/anthropic-1-5-trillion-valuation-on-secondary-markets-2026-8)

## Revenue

- Run-rate, Jan 2025: $1B [1](https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation)
- Run-rate, Aug 2025: $5B [1](https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation)
- Run-rate, Oct 2025: approaching $7B (reported) [1](https://www.reuters.com/business/retail-consumer/anthropic-aims-nearly-triple-annualized-revenue-2026-sources-say-2025-10-15/)
- Run-rate, Feb 2026: $14B [1](https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation)
- Run-rate, Apr 2026: $30B [1](https://www.anthropic.com/news/google-broadcom-partnership-compute)
- Run-rate, May 2026: $47B [1](https://www.anthropic.com/news/series-h)
- Run-rate, Jul 2026: $65B [1](https://www.cnbc.com/2026/08/17/anthropic-says-annualized-revenue-climbed-to-65-billion-in-july.html)
- Revenue, Q2 2026: $11.6B (reported) [1](https://www.reuters.com/business/finance/anthropics-q3-revenue-surges-45-nearly-17-billion-2026-10-14/)
- Revenue, Q3 2026: $16.8B [1](https://www.reuters.com/business/finance/anthropics-q3-revenue-surges-45-nearly-17-billion-2026-10-14/)

## What investors paid per dollar of revenue

Each priced round's valuation divided by the latest revenue run-rate Anthropic stated before it (Autumn's calculation from the figures above).

- Series E (Mar 2025): $61.5B ÷ $1B run-rate (Jan 2025) = about 62 times [1](https://www.anthropic.com/news/anthropic-raises-series-e-at-usd61-5b-post-money-valuation) [2](https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation)
- Series F (Sep 2025): $183B ÷ $5B run-rate (Aug 2025) = about 37 times [1](https://www.anthropic.com/news/anthropic-raises-series-f-at-usd183b-post-money-valuation)
- Series G (Feb 2026): $380B ÷ $14B run-rate (Feb 2026) = about 27 times [1](https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation)
- Series H (May 2026): $965B ÷ $47B run-rate (May 2026) = about 21 times [1](https://www.anthropic.com/news/series-h)

## Funding rounds

| Date | Round | Raised | Valuation | Led by |
|---|---|---|---|---|
| May 2021 | Series A | $124M | Not disclosed | Jaan Tallinn |
| Apr 2022 | Series B | $580M | Not disclosed | Sam Bankman-Fried |
| May 2023 | Series C | $450M | Not disclosed | Spark Capital |
| Dec 2023 | Menlo-led round (reported as in talks; outcome not confirmed, not counted) | Not confirmed ($750M in talks) | $18.4B | Menlo Ventures |
| Mar 2025 | Series E | $3.5B | $61.5B | Lightspeed Venture Partners |
| Sep 2025 | Series F | $13B | $183B | ICONIQ |
| Feb 2026 | Series G | $30B | $380B | GIC and Coatue |
| May 2026 | Series H | $65B | $965B | Altimeter, Dragoneer, Greenoaks and Sequoia |

## Who owns Anthropic

### Amazon: Up to $13 billion announced in three tranches, plus up to $20 billion more tied to milestones

- Sep 2023: Up to $4 billion; AWS becomes the primary cloud provider [1](https://www.anthropic.com/news/anthropic-amazon)
- Nov 2024: Another $4 billion, bringing the total to $8 billion [1](https://www.anthropic.com/news/anthropic-amazon-trainium)
- Apr 2026: $5 billion, with up to $20 billion more tied to commercial milestones [1](https://www.aboutamazon.com/news/company-news/amazon-invests-additional-5-billion-anthropic-ai)

### Google: Roughly $3.3 billion over three deals, including up to $2 billion paid over time; all three are press reports

- 2022: About $300 million for a reported 10% stake (reported) [1](https://www.theverge.com/2023/2/3/23584540/google-anthropic-investment-300-million-openai-chatgpt-rival-claude)
- Oct 2023: Up to $2 billion: $500 million upfront and $1.5 billion over time (reported) [1](https://www.reuters.com/technology/google-agrees-invest-up-2-bln-openai-rival-anthropic-wsj-2023-10-27/)
- Jan 2025: More than $1 billion more (reported) [1](https://www.reuters.com/technology/artificial-intelligence/google-invests-1-bln-openai-rival-anthropic-ft-reports-2025-01-22/)

### Nvidia and Microsoft: Up to $15 billion combined

- Nov 2025: Up to $10 billion from Nvidia and up to $5 billion from Microsoft [1](https://www.axios.com/2025/11/18/anthropic-microsoft-nvidia-15-billion)

## Co-founders' estimated net worth (Forbes)

- Dario Amodei: $15.5B as of 2026-10-16 [1](https://www.forbes.com/profile/dario-amodei/)
- Daniela Amodei: $15.5B as of 2026-10-18 [1](https://www.forbes.com/profile/daniela-amodei/)
- Jared Kaplan: $15.5B as of 2026-10-18 [1](https://www.forbes.com/profile/jared-kaplan/)
- Jack Clark: $15.5B as of 2026-10-18 [1](https://www.forbes.com/profile/jack-clark/)
- Chris Olah: $15.5B as of 2026-10-18 [1](https://www.forbes.com/profile/christopher-olah/)
- Sam McCandlish: $15.5B as of 2026-10-18 [1](https://www.forbes.com/profile/sam-mccandlish/)
- Tom Brown: $15.5B as of 2026-10-18 [1](https://www.forbes.com/profile/tom-brown/)