Anthropic’s confidential submission of a draft S-1 registration statement to the SEC on June 1, 2026, marks the clearest near-term catalyst for an IPO, following its $65 billion Series H round closed May 28 at a $965 billion post-money valuation. The filing initiates the SEC review process while preserving flexibility on timing, size, and pricing, all of which remain subject to market conditions. Secondary-market trading on platforms such as Forge Global already implies valuations above $1 trillion, reflecting robust investor demand for leading AI platforms amid elevated sector multiples. Analysts currently project a potential listing window in the second half of 2026, likely fall, as the company competes with OpenAI to reach public markets first. Key variables for traders include the pace of SEC comments, broader IPO sentiment, Treasury yield levels, and any shifts in AI revenue growth trajectories.