Anthropic raised $65 billion from private investors in May, one of the largest funding rounds ever assembled, and days later filed to raise tens of billions more from the public. It took the first formal step toward a listing on June 1, submitting a confidential draft registration to the SEC, with reporting pointing to an October debut led by Goldman Sachs, JPMorgan, and Morgan Stanley. The valuation attached to the filing was the $965 billion mark set by the May round. Anthropic booked roughly $9 billion in revenue in 2025, and by May its revenue was running near a $47 billion annualized rate. Claude has been gross margin positive since the day Anthropic began selling it. Anthropic rents compute, with Broadcom building its custom silicon and naming the lab as a multibillion-dollar customer, a Google partnership secured 3.5 gigawatts of TPU capacity, and Anthropic among the first to take Nvidia's new Vera systems. Over the spring, Claude expanded from a chatbot and coding assistant into infrastructure including Claude Code, which writes most of Anthropic's own production code, and Claude Tag, which embeds an AI teammate inside Slack.