What's New Since Our Last Report

The filing itself was already covered. The part most outlets bury in paragraph nine is what actually matters.

According to CNBC, Anthropic's revenue run rate has ballooned to $47 billion — up from $10 billion in annual revenue last year. A company that was considered a distant second to OpenAI eighteen months ago is now outpacing it in valuation and revenue growth trajectory. That's a roughly 370% growth rate in roughly 12 months. TechCrunch puts the end-of-2025 figure at $9 billion, making the jump even sharper.

The New Model Factor — And Why It Matters Beyond Tech Twitter

According to CNBC, Anthropic has released a new model with advanced cybersecurity capabilities to a select group of companies. The company is actively engaged in conversations with senior members of the Trump administration about what this model can do.

This is not a normal product launch. An AI lab founded by former OpenAI researchers is now at the table with the executive branch of the United States government discussing a model with cybersecurity capabilities sharp enough to warrant a restricted rollout. The mainstream tech press — NPR, The Verge, TechCrunch — treats this as a footnote about accelerating revenue. Voters and taxpayers should know the full scope of what's happening here.

The SpaceX Deal Nobody Is Framing Correctly

The Verge reported that Anthropic has a $15 billion per year deal to use SpaceX data centers. That is the same SpaceX that is planning to IPO around June 12 and is targeting a $2 trillion valuation, according to TechCrunch.

So Anthropic is a major customer of SpaceX. SpaceX is going public. Anthropic is going public. These are interlocking financial relationships heading into simultaneous public offerings. No outlet is drawing that line clearly. If you're a retail investor thinking about buying into any of these IPOs, you need to understand the web of dependencies before you write a check.

The Numbers Game: Valuation vs. Reality

Anthropic's post-money valuation after its Series H is $965 billion, per NPR and TechCrunch. That round was $65 billion, co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners.

OpenAI raised $40 billion earlier in 2025 at approximately a $300 billion valuation.

Wedbush Securities analysts, in a note cited by NPR, called this "an opening of the floodgates for the IPO market, which has been relatively dormant for a few years."

A company valued at nearly $1 trillion has NOT yet disclosed its financial statements, executive compensation, debt load, or risk factors to the public. All of that is still confidential. You are being asked to form opinions about a company worth nearly as much as Apple without seeing its books.

CNBC notes that Anthropic's official prospectus only needs to land in investors' hands 15 days before its roadshow begins. SpaceX filed confidentially on April 1 and disclosed its public prospectus on May 20. Anthropic could move on a similarly compressed timeline.

What the Confidential Filing Actually Means for You

A confidential S-1 is a standard legal mechanism that lets companies prep for an IPO without competitors or the public seeing their financials until late in the process. According to CNBC and TechCrunch, once Anthropic files the public S-1, it will include detailed financials, legal matters, risk disclosures, and voting power structure.

That last part — voting power — is critical and barely mentioned anywhere. Who controls Anthropic after it goes public? The founders? Amazon, which has made major investments in the company? Institutional funds? Until the public S-1 drops, we won't know.

The Race Framing Is Lazy

Every major outlet — NYT, The Verge, NPR, CNBC — is framing this as a "race" between Anthropic and OpenAI to hit public markets first. That framing sells clicks. It also obscures what actually matters.

The central question is whether the AI sector's insane revenue growth rates are sustainable enough to justify near-trillion-dollar valuations for companies that have NOT yet turned consistent profits. Neither OpenAI nor Anthropic has publicly confirmed profitability. Revenue run rates are NOT the same as profits. Institutional investors know this. Retail investors often don't.

Google was profitable before it went public. These companies may not be. That's a crucial distinction if you're considering buying on day one of either IPO.

Bottom Line

Anthropic's story has shifted from "we filed" to something more complex: explosive revenue growth, a cybersecurity AI model being discussed at the highest levels of the U.S. government, a $15 billion-per-year financial entanglement with SpaceX, and a race to public markets where the finish line is "give us your money before you see our balance sheet."