Updates·October 25, 2026, 09:30

Anthropic's path to an IPO still has no public filing as two Chinese models land

AI-generated from the sources listed, with automated source checks.

Anthropic's public S-1 was not in the SEC's database on October 24, even though the company has been preparing an IPO since June. Meanwhile, Moonshot AI and MiniMax launched new AI models, with their own benchmarks pointing to high performance at low cost.

Anthropic is still waiting on the public step

On June 1, 2026, Anthropic announced that it had confidentially submitted a draft of a so-called S-1 to the US Securities and Exchange Commission (SEC). An S-1 is the document a company must file before it can go public. According to the announcement, a sale depends on market conditions and other factors.

A search of the SEC's EDGAR database on October 24 returned no results for Anthropic. The public version had therefore not been filed at that point.

Forkast News wrote on October 4 that the public S-1 was still missing 126 days after the confidential submission. For comparison, the article cited Arm Holdings (114 days) and Instacart (about 180 days), as well as typical review periods of 90-150 days. The sources disagree on the date of the confidential submission, however: Forkast News cites about June 30.

Forkast News also cited reported figures: a target valuation of $2 trillion, $4.6 billion in revenue in 2025 and $518 billion in compute commitments. A roadshow start had been reported for the week leading up to November 9, and an IPO in mid-November. These are reports, not something the company has confirmed in the sources.

Bloomberg wrote on October 22, citing anonymous sources, about estimated ownership stakes held by Iconiq, Spark Capital, Sequoia Capital, GIC and Eric Schmidt, among others. The figures are estimates based on a private valuation of $965 billion and unrealized gains.

Kimi K3.1 Pro: a large model with open weights

China's Moonshot AI introduced Kimi K3.1 Pro on October 24. It is an open-weight model, meaning its internal settings (the weights) can be downloaded and used by others. Moonshot says the full weights will be released by November 4 at the latest.

The model has 3 trillion parameters and can hold 1 million tokens at a time, meaning a large amount of text in a single conversation. It can also accept images and video and can be used through Kimi.ai and mobile apps, among others. A faster variant is available that is 2-3 times faster, according to Unite.AI.

In Moonshot's own benchmarks, the model scores 65.7 percent on Terminal-Bench 4.0, compared with 66.4 for Claude Opus 5.5 and 58.2 for GPT-6 Astra. The company reports a hallucination rate of 8.3 percent versus 23.4 percent for its predecessor K3. Hallucination means the model makes up answers. According to Unite.AI, the figures have not been independently verified.

MiniMax M3.1 Flash: cheap and fast

MiniMax launched M3.1 Flash on October 19. It costs $0.15 per million input tokens and $0.60 per million output tokens. MiniMax says the model delivers more than 200 tokens per second and cuts the cost of agent use by 70 percent compared with its predecessor. Model weights are planned for later.

The benchmarking firm Artificial Analysis gave the model a 42 on its Intelligence Index, with an average task cost of about $0.22. Of the model's incorrect answers, 93 percent were wrong answers rather than partial answers or expressions of uncertainty.