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Anthropic confidentially submits draft S-1 to the SEC
https://www.reuters.com/business/ai-giant-anthropic-confidentially-files-us-ipo-2026-06-01/ https://www.reuters.com/business/ai-giant-anthropic-confiden...
https://www.nytimes.com/2026/06/01/technology/anthropic-ipo.html https://www.nytimes.com/2026/06/01/technology/anthropic-ipo....
- alexandre_m 5mo agoBubbles can be great for short-term returns. I just hope pension funds and other long-term investors don’t end up buying into them.
- ch4s3 5mo agoI'm curious to know if they generated this with Claude and what the prompt looked like.
- ssgodderidge 5mo agoCan someone help me understand how its "confidential" if they blog about it? Perhaps they simply mean the details of the S-1 are confidential for now?
- kylecazar 5mo agoThe contents are confidential. They are just announcing they submitted it.
- ConnorBoyd 5mo agoThe S-1 itself isn't made public in a confidential filing.
- general_reveal 5mo ago[flagged]
- tonyoconnell 5mo agoso we shouldn't talk to humans when an ai can give an answer?
- cdrnsf 5mo agoWe should always talk to humans.
- deleted 5mo ago[deleted]
- general_reveal 5mo agoIf you have access to a Xeon processor, I don’t see why humans should be the first thing you interface with.
- chinathrow 5mo agoExpect the token price to correlate with the stock price.
- rvz 5mo agoOf course that fundraise was the last one: [0], everyone getting ready to dump their pre-IPO shares on to you as China catches up with their open models. Better to do it now than to wait a day longer and the tokens are not getting any cheaper here. Obviously OpenAI will file for IPO certainly this month, or even this week in response both SpaceX, and Anthropic. Then AGI will then have been achieved externally. [0] https://news.ycombinator.com/item?id=48313390 https://news.ycombinator.com/item?id=48313390
- returnInfinity 5mo agoThe powers that be are already planning to ban Chinese models.
- freediddy 5mo agoThis is the first time I've seen a Public, Confidential S-1 filing.
- Sol- 5mo agoI suppose they announced it because the fact that they submitted it would leak anyway.
- iLoveOncall 5mo agoThat's how you know it's purely marketing and they're not actually going public.
- sh34r 5mo agoGiven how often these get leaked (see Palantir + SpaceX) and the cost of preparation, why would you ever file an S-1 unless you were serious?
- iLoveOncall 5mo agoBecause you want another funding round but you will get it only if investors think they're going to get their money back soon.
- 0123456789ABCDE 5mo agoexcuse me. what am i being sold, in this so called marketing?
- iLoveOncall 5mo agoYou? Nothing. Private investors? The dream of an IPO.
- 0123456789ABCDE 5mo agothey closed series h, last thursday†. what are you on about? † https://www.anthropic.com/news/series-h https://www.anthropic.com/news/series-h
- kenyuz 5mo agoEvery post anthropic generates feels like misdirection and bad summarization using AI. There is no sense of who the audience for this post is for and includes a lot of redundant information.
- nemomarx 5mo agoIs there any real reason to have generated announcements anyway? You could get more polished text with some copy editors and I can't imagine cost is really a big concern for it.
- luka598 5mo agoIt is possible that they are dogfooding
- Maxatar 5mo agoCan't see the relevance of this comment to the post. You can do a Google search for "confidentially submits draft S-1 to the SEC" to see other examples of companies announcing these submissions and they're all written in the same way. It's just a standard/template that most companies reuse. https://www.figma.com/blog/s1-confidential-submission https://www.figma.com/blog/s1-confidential-submission https://www.prnewswire.com/news-releases/gemini-announces-confidential-submission-of-draft-registration-statement-for-a-proposed-initial-public-offering-302475527.html https://www.prnewswire.com/news-releases/gemini-announces-co... https://investors.navan.com/news-releases/news-release-details/navan-announces-confidential-submission-draft-registration https://investors.navan.com/news-releases/news-release-detai... https://www.round1-group.co.jp/docs/pdf/2026/20260507_news_en.pdf https://www.round1-group.co.jp/docs/pdf/2026/20260507_news_e...
- Catloafdev 5mo agoIt's a legal notice, what are you talking about?
- conductr 5mo ago> This announcement is being published under Rule 135 of the Securities Act of 1933 It's a required public disclosure following a format traditionally used in mandatory public disclosures.
- hubraumhugo 5mo agoWith SpaceX, OpenAI, and Anthropic, we're likely to see 3 of the largest IPOs ever (by a wide margin) this year. Will existing institutional investors trim other positions to allocate a lot of capital for these mega listings or is this not a concern?
- nemomarx 5mo agoAt least all the index funds are obligated to, right?
- whateveracct 5mo agoyou and me will all be left holding a small cut of the bag
- chilipepperhott 5mo agoMost index funds wait for at least a year before adding a new listing. The only exception that I'm aware of is QQQ and SpaceX.
- qwytw 5mo agoTechnically they couldn't be added to the S&P 500 etc. until they become profitable.
- nemomarx 5mo agoIf space x gets an exception, why wouldn't anthropic?
- ac29 5mo agoNot true for Vanguard's total US stock market fund (VTSAX/VTI), the largest total US stock market fund in the world. Their CRSP index only requires 20 trading days post IPO, or 5 for large caps (this has been true for many years, this is not a recent change)
- exabrial 5mo ago
- kypro 5mo agoWhat does it mean to submit confidentially – what's the process there? I assume it be made public when approved by the SEC?
- Maxatar 5mo agoIt means that Anthropic has submitted a document that it intends to share with the public in order to solicit public investment. This document includes details about its business, financials/revenue, ownership structure, risks, etc... The document itself is what's confidential until the SEC approves it, at which point Anthropic will release that document to the public and IPO.
- root-parent 5mo agoTime to short the market. We are at peak bubble. "The stock market just did something eerily similar to the dot-com bubble top in 2000" - https://www.cnbc.com/2026/06/01/the-stock-market-just-did-something-eerily-similar-to-the-dotcom-bubble-top-in-2000.html https://www.cnbc.com/2026/06/01/the-stock-market-just-did-so...
- dgellow 5mo agoShorting when there is a mania is way, way too risky
- rvz 5mo agoThis is actually the pin everyone was looking for that will pop this AI bubble, including the token cost falling in China and the release of open models that are good and run locally.
- bensyverson 5mo agoIt could be, but the market could bounce right back. And if it does, it's hard to know who will emerge stronger. Anthropic could end up like Amazon, or it could end up like Yahoo.
- bjtitus 5mo agoWhere are these open models that are as good as GPT and Claude and run locally?
- baal80spam 5mo ago> Time to short the market. We are at peak bubble. I've seen this comment on HN at least 5 times already.
- deleted 5mo ago[deleted]
- seattle_spring 5mo agoI've been seeing this sentiment since I got into professional software development nearly 20 years ago.
- neovive 5mo agoIf OpenAI and Anthropic eventually become public companies with trillion-dollar valuations, it will be interesting to see if their company ethos remains the same. With that much purchasing power, it's very tempting to gobble up competitors and raise prices.
- daseiner1 5mo agocorporate pursuit of monopoly is as sure a phenomenon as gravity
- herpdyderp 5mo agoThe question is not "if" they will lose their ethos but "how long will it take".
- pton_xd 5mo agoIf "Open AI" was their ethos, it was lost immediately. I'm not sure what the ethos of Anthropic is.
- Arubis 5mo agoI gather most of the ethos behind Anthropic is "we don't want to work with Sam".
- mirekrusin 5mo agoGo public so everybody can benefit?
- pqtyw 5mo ago> if their company ethos remains the same. What? In what way would the change? They are already raising prices..
- blmarket 5mo agoIPO won't lose their ethos. Competition out from their duopoly will.
- lucamark 5mo ago[dead]
- cmiles8 5mo agoThere is a mad rush to get these IPOs out the door before the market sneezes.
- gonzalohm 5mo agoAnd oh boy do they make sure everyone knows that they are doing an IPO
- jknoepfler 5mo agoConfidently, even. Which uh... if I've learned anything about PR speak, sentences generally mean the opposite of what they say.
- roadside_picnic 5mo agoIt's more insidious than that. These IPOs aren't being rushed, they were waiting for all the pieces to be in place to force 401ks and other retirement plans to buy these IPOs. The most recent change was the NASDAQ adopting the "fast change rule" which allows newly IPO'd companies to be listed in the index after only 15 days of trading. This rule was decided March 30, 2026 and only came into effect May 1, 2026. The plan is to rapidly drive these prices up in the first 15 days, get the companies listed in the NASDAQ so funds are forced to purchase them at higher prices, then leave retirement accounts holding the bag.
- chinathrow 5mo agoHow do these people sleep at night coming up with schemes like that?
- cryo32 5mo ago[flagged]
- ReptileMan 5mo agoThey don't. They work all night to invent them.
- thomascountz 5mo agoSpaceX submitted an amendment to their S-1 today[1] [1]: https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm https://www.sec.gov/Archives/edgar/data/1181412/000162828026...
- onlyrealcuzzo 5mo agoAre we in a race to see who can pop the bubble first?
- roadside_picnic 5mo agoAs you likely know, rules have recently been changed that basically force many 401k funds to invest in these IPOs while simultaneously having a relatively small number of the initial IPO to be sold to the public forcing the funds to by at inflated prices. The bubble won't pop until these retirement accounts of have been raided.
- s1artibartfast 5mo agoWhat are the 401k rule changes? I am aware that indexes changed their rules
- xdennis 5mo agoI'm pretty sure that's the change GP is referring to. But pension funds can choose to specifically exclude such companies. The Danish pension fund has already excluded SpaceX, which owns xAI. (This also probably relates to American threats of annexation of Danish territories, not just AI stuff.)
- JumpCrisscross 5mo ago> indexes changed their rules NASDAQ changed its rules. Which I’m now 90% sure was a brilliant marketing move, given nobody followed that index until they did this.
- sschueller 5mo agoWhere will it be listed? I am considering selling all my index ETFs in those markets until the this blows over.
- PUSH_AX 5mo agoTime in market > timing the market.
- rottencupcakes 5mo agoIt's this sort of mentality and the prolitferation of passive investing that gives these companies the opportunity to pass the bag.
- PUSH_AX 5mo ago“Passive investing” is not the same as “buying anything at any price”. Index funds follow transparent rules and weights. If the company is overvalued, that overvaluation is set by the wider market, not just passive investors.
- chronic29521 5mo ago> If the company is overvalued, that overvaluation is set by the wider market, not just passive investors. You probably also believe the markets are fully efficient and there is no insider trading ever. Historically, it takes 6-12 months for the wider public market to determine the correct valuation. That's why SpaceX, Anthropic, OpenAI are rushing to 15 days. They know something bad will happen between 15 days and 6 months after IPO.
- deleted 5mo ago[deleted]
- xboxnolifes 5mo ago[dead]
- outside1234 5mo agoGot to dump this on everyone's SP 500 index fund before people figure out that there is a 95% drop in token usage when they are metered.
- dcre 5mo agoThey are metered. That's why their ARR went from $9B to $45B in 6 months.
- thewebguyd 5mo agoS&P 500 requires trailing 12 month profitability to be on the index. We won't see any of these on the S&P for at least a year or more.
- zipy124 5mo agoThe profitability requirements are potentially being dropped. Consultation just closed and may be implemented as soon as next week.
- ausbah 5mo agohttps://www.spglobal.com/spdji/en/documents/indexnews/announcements/20260430-1483123/1483123_spdji-us-indices-megacaps-consult-20260430.pdf https://www.spglobal.com/spdji/en/documents/indexnews/announ... actual consultation link
- snihalani 5mo agoI thought S&P also changed the rules on this one
- noncoml 5mo agoReading these messages is getting me discussed. Is there any fund/index fund that is not breaking the rules to allow easier pump and dump from big players?
- sethops1 5mo ago
- eamag 5mo agowhy did they raise 3 days ago? What's the benefit of doing this instead of going public right away? If it's just cash to pay for GPUs, can't they issue bonds or something?
- 44df 5mo agoPump up the valuation baby. Price setting.
- gedy 5mo agoIPO isn't really about "raising money for the company" any longer, unless one means raising the money in their wallets so they can take the money and run.
- Maxatar 5mo agoYou pretty much always do a late-stage private round shortly before an IPO, that is the standard. The goal of the late-stage funding round is to give a better idea of how much capital can be raised by the IPO. It helps reduce uncertainty about expectations of what the company is worth before going public.
- boshalfoshal 5mo agoConspiratorially, it seems like a shotgun attempt at undermining the supposed OpenAI IPO later this year. Also filing an S-1 doesn't actually indicate that they intend to go public "immediately," it just gives them the option to go public (probably in the near future).
- 40acres 5mo agoAfter years of companies refusing to go public (looking at you Stripe), it's almost refreshing to see a hyped tech go actually IPO.
- parthdesai 5mo agoIs it actually refreshing? It's actually refreshing to see Stripe staying private for so long. That means, they have a sustainable business model, and can take on projects that might benefit users in the long term despite negative short term consequences instead of focus on growing at all cost for the most part.
- deleted 5mo ago[deleted]
- gehsty 5mo agoSustainable business models that need insano numbers of funding rounds? We don’t actually know if their business model is sustainable. If they were public we would have a better answer to this.
- WarmWash 5mo agoBecoming public allows everyday people to access the wealth generation machine your created. Sometimes I think that the endless cynicism around corporations that exists online is the real ploy by capitalists to keep people poor. It seems to be pretty damn effective at making people allergic to claiming their slice of the pie.
- ParkRanger 5mo agoAre dates set for this one or Space X? Who will “ring the bell first”, so to speak. I think the sequencing here matters more than it should.
- ParkRanger 5mo agoWho’s going out of the gate first, Anthropic or Space X. Sequencing probably matters more than it should.
- throwaw12 5mo agoI know market will buy it, but where would it find the money to fund the stock purchase? Would it crash other company stocks so that investors start selling and purchasing Anthropic shares, or how does it work?
- k2xl 5mo agoI would assume that the outcome probability of people selling other companies to buy Anthropic/SpaceX/OpenAI has been priced in already.
- 0xDEAFBEAD 5mo agoPresumably, current Anthropic shareholders will buy buying other company stocks to diversify.
- christkv 5mo agoDid mythos write the S-1? It better not have been a human given the amount of hype they are pushing.
- 2001zhaozhao 5mo agoI think this IPO will be the real test of whether the concept of a Public Benefit Corporation actually holds up in practice. Don't mess this up, Anthropic.
- laughingcurve 5mo agoAs a potential PBC founder I am watching this closely for sure
- penguin_booze 5mo agoTIL: the nickname of all CEOs is 'Public'.
- lbreakjai 5mo ago(the) Public Benefit (the) corporation.
- stefanhorne 5mo ago[dead]
- cdrnsf 5mo agoRight in time to get rich and externalize any fallout.
- pseudosavant 5mo agoUp until this point, the potential for an AI bust blast radius was limited to corporate investors, but this is going to cause regular retail/401k investors to get exposure, which could have far bigger impacts on a downturn. Not to mention the insane wake-up call it is going to be for these AI stocks when 3 months after they launch they have to start making earnings calls and showing their financials. That quarter-by-quarter pressure and scrutiny is no joke, and probably the biggest downside of going public. I'm bullish on AI, but kind of bearish on any specific AI company. None of the initial big dotcom companies like AOL or Yahoo survived at the scale they briefly had.
- anukin 5mo agoI thought you could intelligently allocate 401k. I don’t think mine was etfs of nasdaq or s&p for some time now. Ever since Tesla got in
- arrowleaf 5mo agoMost (all?) 401k plans limit you to a pre-picked list of ETFs and mutual funds you can invest in. Not to mention the standard advice for decades has been 'broad market index fund'.
- dsp 5mo agoDefinitely not all. Look into 401(k) self-directed brokerage accounts.
- Dig1t 5mo agoIf your plan uses Fidelity you can move your 401k into Brokeragelink and that lets you pick individual stocks. Schwab, TIAA, Alight and some others also have something similar.
- qznc 5mo agoAfaik this is the first time that an IPO is big that it immediately gets a significant share of a broad market index fund. The rules among the providers are actually quite diverse, so it's complicated. The Rational Reminder podcast discussed it in April: https://rationalreminder.ca/podcast/406 https://rationalreminder.ca/podcast/406 Their conclusion: It might be bad, but so be it. No need to change strategy.
- ecommerceguy 5mo agoReally seems that this entire industry has been told it will get a MASSIVE bailout. And with Fink basically confirming so means, Hillary was right? Trump is a tyrannus dictator?
- latentframe 5mo agoAI may be the first major technology cycle where access to capital and power and physical infrastructure matters almost as much as the software itself
- acdha 5mo agoRailroads seem like a good parallel: right of way, coal, and iron all were huge factors for success. That was greater CAPEX but the parallel does break down somewhat since railroads had huge, immediate demand and everything but fuel had much longer service lives.
- 0xDEAFBEAD 5mo ago>railroads had huge, immediate demand Wikipedia states most capital in the late 1800s railroad bubble in the USA was "involved in projects offering no immediate or early returns" https://en.wikipedia.org/wiki/Panic_of_1873 https://en.wikipedia.org/wiki/Panic_of_1873
- acdha 5mo agoThat’s a specific bubble half a century into railroads transforming the American economy. While there were plenty of bad investments, that’s because so much of the economy depended on railroads to move goods and people.
- seydor 5mo agomaybe it's not a technology cycle then.
- guluarte 5mo agowho else thinks this will be a "buy the rumor, sell the news thing" ?
- TSiege 5mo agoWhen will the S-1 filings be made public?
- Esophagus4 5mo agoIt’s hard to imagine there’s much upside left for retail to capture at this point. How much bigger can they get when they’re already 1/5 the size of the world’s largest company? It seems like the chance of retail making a killing on these IPOs like they did with Amazon (+2200x since IPO) or Nvidia are slim. The entire S&P is $60T.
- ttul 5mo ago“Quick, guys! We finally made a profit and our ARR is up 80x in three months. Let’s go public before any of this comes back to earth!”
- jubilanti 5mo agoWhelp, looks like I'm going to be following Warren Buffett and moving my investments to all cash.
- rockemsockem 5mo agoI'm sure your $20 will make waves.
- xyst 5mo agoBillionaires and angel investors in Anthropic are panicking. Need to sell their insider stock before the bubble busts.
- metalliqaz 5mo agoI need to pull all my retirement out of the market for the next few months. I don't want to be private equity's bagholder
- keeda 5mo agoAs a layman external observer, this seems a bit rushed to me? I know there's a race amongst the frontier AI labs, but I don't quite understand the rush (apparently there is still a lot of money to go around), so as some comments imply, it does look like "our financials look good right now let's strike while the iron is hot!" I do think Anthropic's business has very good long-term prospects, but the current run rates are not sustainable and they know it which is why they, more than OpenAI, are under higher pressure to IPO. Some things to consider: 1. This was surprising to me, but enterprises Claude Code (and Codex) plans are billed on token usage at API rates. I was expecting lower rates for volume subscriptions. This explains their huge spike in ARR, but I expect competitive pressures will soon come into play, especially as companies start to get more budget-conscious. Specifically... 2. Tokenmaxxing is finally encountering the inevitable pushback. My theory is it was an effort to incentivize devs to experiment and figure out ways to get productive with AI by throwing money at the problem, which was always going to be a short-term dynamic. Companies are going to be much more intentional about token budgets (especially as Anthropic is apparently now asking for volume commitments for enterprise plans.) Smaller, open-weight models may start looking much more attractive. 3. I've said before but I think Anthropic severely underestimated their own popularity and corresponding demand for compute and has to enter costly deals to acquire capacity to keep Claude's 9's above GitHub's, even as they alienated customers with short term tweaks to optimize usage. These deals will eat into their margins and Claude's problems likely pushed customers to competitors, the effects of which could take time to be more evident. So maybe whatever looks good on their financials right now is time-limited, and the current boost may start petering out at some point, which may influence when OpenAI files their own IPO.
- xracy 5mo agoCurious how someone with a 401k, who didn't want their retirement to be used by these companies to buy at an inflated price, would go about opting out of this. Typically I just have my 401k in an index fund so that things have to become established before they're added. This seems like it's circumventing that, and I would be inclined to vote with my wallet. But everything around 401k index funds that I see are very opaque, so it's not totally clear to me how I would avoid this if I wanted to.
- lesuorac 5mo agoYou have to lookup what your index fund is. They all have always had different inclusion rules and they may or might not have changed theirs recent to try to include SpaceX.
- xracy 5mo agoI think I'm looking at general "retirement funds" which are a little more opaque. e.g. Vanguard/TD retirement funds, when I looked into them, didn't have any information on "what is in them." Just general breakdowns.
- lesuorac 5mo agoYeah it's not fun. Vanguard offers a bunch of ETFs so I can't exactly give you a solid answer. One of their specific etfs (VTI) tracks the CRSP US Total Market index [1] which has its methodology described here [2] and looking at the "CRSP INVESTABILITY SCREEN SUMMARY" it sounds to me like SpaceX would be added to VTI after 5 days ("Seasoning of New Securities - 5 days or greater if satisfying the fast-track IPO rules". [1]: "The Fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index (the “Target Index”), which represents 100% of the investable U.S. stock market," https://personal1.vanguard.com/pub/Pdf/sp970.pdf https://personal1.vanguard.com/pub/Pdf/sp970.pdf [2]: https://www.crsp.org/wp-content/uploads/guides/CRSP_Market_Indexes_Methodology_Guide.pdf https://www.crsp.org/wp-content/uploads/guides/CRSP_Market_I...
- 0xbadcafebee 5mo ago
- yobid20 5mo agoof course. do it now while they have the users. in a year when everyone has laptops with 128gb+ running models locally, anthropic stands zero chance. same with openai. i dont even use openai anymore. this will be one of the biggest crashes in history.
- darylteo 5mo agoHaha I read the headline as "confidently submits", thought it was a dig at OpenAI's CFO.
- Steering 5mo agosell the dream at the peak, then sell the explanation on the way down
- epsteingpt 5mo agoWhy is anyone blaming the company management for 'selling high'. AI real expectations are about as frothy as they'll ever be. The latest models have legitimately taken senior coders from execution to agentic babysitting mode - something that was only a dream until last time. There's a rumor of a $500M MONTHLY Anthropic Bill - that is the equivalent total compensation of 10-15 THOUSAND senior ICs (L5, L6). Imagine what kind of company can spend that amount and pay their staff and somehow 'see value' The indexing argument is overblown. How many companies of the S&P could the average commenter here name? My guess is - charitably - 30. Yes, weighting, etc. but every indexer here is buying in hundreds of companies they have no idea about the business of, and all of a sudden some percentage goes to a tech company they know about and they want to comment. Let these people run their victory lap!
- jhy17632 5mo agoanthropic are so hot right now
- jms703 5mo agoHow do I keep my 401k from investing in AI stocks...
- meszmate 5mo agoIPO incoming. Going to be interesting watching how long the PBC mission holds up once there are shareholders to answer to every quarter
- elzbardico 5mo agoGetting ready for the wework deja-vu when this S-1 becomes public.