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Anthropic's $965B IPO Filing, Enterprise Lead & the $65B Infrastructure Bet
Audio is available on Spreaker — see link below.
Anthropic has filed confidential IPO documents targeting a $965B valuation — and just overtook OpenAI in enterprise AI market share for the first time. Today's briefing breaks down the revenue surge, the $65B compute buildout, and what the roadshow will need to prove.
Audio is available on Spreaker — see link below.
Anthropic just filed confidential IPO documents with the SEC, targeting an October twenty twenty-six listing at a valuation of roughly nine hundred and sixty-five billion dollars. That's not a rumor anymore.
In April twenty twenty-six, Anthropic captured thirty-four point four percent of the enterprise AI market. OpenAI sat at thirty-two point three percent.
The revenue trajectory sharpens that point. Anthropic's annualized revenue was nine billion dollars at the end of twenty twenty-five.
The other thing shaping the IPO story is where the capital is going. Anthropic raised sixty-five billion dollars in its Series H-one round, and the entire allocation is directed at GPU purchases and global data centre expansion.
Australia is becoming a meaningful node in this story. Firmus, a data centre operator, has a seven billion dollar IPO bookbuild scheduled for early October with an ASX listing planned for the twenty-second.
In Southeast Asia, the GCash IPO in the Philippines is being positioned by investors as a watershed moment for private equity exits in the region. Warburg Pincus executives at the Asia PE-VC Summit described it that way explicitly.
The two metrics that matter most from here are simple to state and hard to confirm. Can Anthropic hold enterprise market share while scaling infrastructure fast enough to meet demand?
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