Anthropic Has Filed for an IPO. What That Means for Your Existing US Portfolio.
Anthropic Has Filed for an IPO. What That Means for Your Existing US Portfolio.

Anthropic Has Filed for an IPO. What That Means for Your Existing US Portfolio.

Fri, Jul 24, 2026 10:32 AM

On June 1, 2026, Anthropic — the company behind Claude AI — officially announced that it had confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission.

In Anthropic's own words: "This gives us the option to go public after the SEC completes its review. The proposed initial public offering will depend on market conditions and other factors."

In plain language, Anthropic has started the formal IPO process. However, the listing date, offer price and exchange have not been confirmed.

For Malaysian investors already holding US stocks through Rakuten Trade, the bigger question is: what could Anthropic entering the public market mean for the stocks you already own?

USD 965B
Anthropic's valuation at its May 2026 Series H-1 private funding round.

What Is Anthropic?

Anthropic was founded in 2021 by Dario and Daniela Amodei with five other former OpenAI researchers.

The company develops large language AI models, which belong to the same category of technology as ChatGPT. Its Claude models are used by enterprises globally for coding, writing and business automation.

Anthropic disclosed in May 2026 that its annualized revenue rate had reached approximately USD 47 billion, up from USD 10 billion in annual revenue last year. Amazon and Google have each committed USD 4 billion as strategic partners.

"Anthropic's revenue trajectory is genuinely extraordinary — the growth rate has no modern parallel at this scale. However, investors should approach any eventual IPO valuation carefully: at USD 965 billion pre-money, you are being asked to pay a premium that assumes this growth trajectory continues. The business case is strong but the margin for error at this valuation is thin for retail investors."
— Rakuten Trade Research

What Could Happen to Stocks You Already Own

Microsoft logo Microsoft (MSFT)

Microsoft holds a significant stake in OpenAI and has positioned Azure cloud around AI. Some investors holding Microsoft partly as an AI proxy may consider rotating into a direct AI lab stock once one becomes available publicly.

Google logo Alphabet (GOOGL)

Alphabet holds a strategic investment in Anthropic. Some investors who bought Alphabet partly for this exposure may reduce their positions once a direct Anthropic investment becomes available.

Nvidia logo Nvidia (NVDA)

A successful AI lab IPO could validate the broader AI infrastructure thesis. More demand for AI models could translate into greater demand for Nvidia GPUs. Nvidia's revenue reached USD 215.9 billion in FY2026 according to its official SEC filing.

Index fund chart icon Index Fund Holders

Once Anthropic eventually joins major indices, passive funds tracking those indices would be required to buy its shares automatically, potentially creating structural buying interest after listing.

"Of the four scenarios, the Nvidia angle is the one we think Malaysian investors should focus on most — a successful AI IPO directly reinforces the infrastructure thesis and Nvidia's position within it. For Microsoft and Alphabet holders, the rotation risk is real but manageable given both companies have strong standalone businesses beyond their AI proxy status."
— Rakuten Trade Research

What Investors Should Know Before the IPO Happens

No IPO date has been confirmed. The public S-1 prospectus, which will contain the offer price, number of shares, exchange and financial details, has not been filed yet.

Anthropic itself said the offering "will depend on market conditions and other factors."

OpenAI is a separate company and represents a different potential IPO event. Its timeline remains unconfirmed and independent of Anthropic's process.

History is also worth keeping in mind. Large and highly anticipated IPOs do not always outperform after listing. The opportunity to invest in Anthropic publicly may be meaningful, but the price paid will matter as much as the quality of the company.

"Malaysian investors who want to access Anthropic shares when they eventually list can do so through Rakuten Trade's US stock trading platform on listing day — the same account used to buy Nvidia or any other US name. Our practical advice is that any allocation to a high-growth technology name should be sized carefully so that a post-IPO correction does not materially impact your overall portfolio."
— Rakuten Trade Research

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