Anthropic is expected to be the next mega IPO.
The company confidentially filed a draft S-1 with the SEC on June 1, 2026. The Financial Times reported it could list as early as October at a valuation above $2 trillion.
If that holds, it would be the largest IPO in history, passing SpaceX’s $1.75 trillion debut in June.
How USVC came to own Anthropic
USVC is exposed to Anthropic through a fund it invested in.
Buying into funds that already hold a company is one of a few strategies we use to build positions in businesses we couldn’t otherwise access.
And because USVC is an evergreen fund, an IPO doesn’t force a sale. When a holding goes public, we can keep holding it, or harvest it into the liquid sleeve that supports our quarterly repurchase offers, at the Board’s discretion. We covered this mechanism in depth when SpaceX listed.
Why the market may pay $2 trillion
Some say the valuation case rests on one number: revenue growth.
Anthropic’s annualized revenue was reportedly around $9 billion at the end of 2025. By May 2026 the company said it had crossed $47 billion. That’s 5x in roughly five months.
One investor told the Financial Times that a company growing this fast could command at least a 30x revenue multiple, which would imply a valuation of $3 trillion or more. For reference, public AI names like Palantir have traded near 55x sales this year.
The bear case: Anthropic loses money training frontier models, its top model is priced well above rivals, and cheap open-weight alternatives keep improving. A $2 trillion price might assume the growth is durable. Ultimately the public market will be the arbiter of truth.
How we mark it
A question we get: what is our exposure to Anthropic worth today?
We don’t comment on the marks of specific positions. But our methodology is consistent: we generally carry exposure to private companies at the price of their last preferred round.
Anthropic’s last preferred round, a $65 billion Series H in May, valued the company at $965 billion.
Reports suggest it may go public at more than twice that.
We’re not predicting the opening print. IPO targets move, and stocks trade down as often as up after listing.
The wealth event
The scale of what’s coming is hard to comprehend.
Anthropic has more than 2,500 employees. Fortune reports the IPO could create an unprecedented number of employee millionaires. Across SpaceX, OpenAI, and Anthropic, one analysis estimates roughly 12,000 people will become multimillionaires, about 800 of them worth more than $100 million.
For context, the SpaceX IPO alone reportedly minted about 400 current and former employees with nine-figure stakes.
Anthropic was worth about $4 billion in early 2023. If it lists near $2 trillion, that’s roughly 500x in three and a half years, which would have happened before being on a public exchange.
Where the money goes next
This is the part we find most interesting.
A Federal Reserve study using matched US Census employment data looked at what happens inside companies after a successful IPO. The finding: going public measurably increases the rate at which employees leave for startups. The wealth from vested equity makes the risk affordable, and some of them fund new companies themselves.
We’ve seen this before. After PayPal went public and sold to eBay in 2002, its alumni went on to found or back Tesla, LinkedIn, YouTube, Palantir, and Yelp.
Now run that playbook with thousands of newly liquid AI researchers and engineers, in the middle of the biggest platform shift since the internet.
The venture funds that backed Anthropic early may also finally return cash to their investors, in an industry where distributions have run roughly $197 billion negative since 2022. Historically, much of that cash can go right back into funding new companies.
Either way, the Anthropic IPO might not be the end of a cycle. It could be the fuel for the next one.
Who was left out
Nearly all of that 500x happened in private. Under accredited investor rules, most Americans were legally excluded from every dollar of it. So, the first day most can buy Anthropic is the day the fastest stretch of growth may already be behind it.
We built USVC to help change that access. It’s a registered fund, holding exposure to companies like Anthropic before they list, open to prospective investors starting at $500.
— Ankur
P.S. I’m hosting a free, live workshop about USVC on Sept 2 @ 2pm ET!
I'll be able to answer any questions you might have about the Anthropic IPO or USVC.
Alternatively, you can reply to this email and someone from my team will get back to you shortly!
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