What Does Anthropic's S-1 Reveal?

Jason Calacanis says Anthropic's S-1 targets a $100 billion public offering, large enough to pass SpaceX and rank as the largest ever. The target date is November 16, and the ticker will be ANT. Anthropic raised $85 billion in June. Polymarket puts a 78% chance on a raise of at least $95 billion, and the valuation runs from $1.5 trillion to $2 trillion. Polymarket's leading range is $1.75 trillion to $2 trillion at 31%, so the working assumption is a market cap slightly under $2 trillion.

Revenue was $16.3 billion in the first half of 2026, 14 times the first half of 2025. The second quarter is $11.6 billion, a 30 times jump over the last five quarters and almost as much as the first half. Anthropic puts the market for tokens and services at $40 trillion and projects $100 billion of annual revenue by year-end. He does not say whether that figure is recurring revenue or a run rate. Cash is $112 billion. Seven founders will hold 50.1% of the voting power through one class F share.

David Sacks calls it probably the biggest venture outcome of all time and the fastest value creation of any venture-backed company in history. The company is six years old, and the exit is on par with SpaceX, which has been around for 20-something years. Hundreds of employees are in line to make hundreds of millions of dollars, and thousands are in line to make $10 million or more.