Artificial intelligence company Anthropic has confidentially filed for an initial public offering (IPO) in the United States, becoming the latest AI giant to take steps toward entering public markets.
The company announced that it has submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for a proposed IPO. Details regarding the number of shares to be offered and the expected price range have not yet been disclosed, as the offering remains subject to regulatory review and market conditions.
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The filing marks a significant milestone for the AI industry and could set the stage for one of the most consequential periods in capital market history. If Anthropic proceeds with its plans, it would join OpenAI and SpaceX in a rare race to public markets, with all three companies carrying valuations above $1 trillion.
Revenue Growth Fuels Market Debut
Anthropic’s IPO ambitions come amid a period of extraordinary growth.
The company revealed in May that its annualized revenue run rate had surged to approximately $47 billion, up sharply from around $10 billion in revenue recorded last year. The growth has helped propel its valuation to nearly $1 trillion.
Last week, Anthropic closed a new funding round that valued the company at $965 billion, surpassing OpenAI’s most recent valuation of $852 billion achieved in March.
The Series H financing round attracted a broad group of investors, including Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners.
Competition Intensifies
Anthropic’s filing adds another chapter to the intensifying competition among leading AI companies.
OpenAI reportedly submitted its own confidential IPO filing in May and is targeting a public listing later this year. Meanwhile, Elon Musk’s SpaceX is expected to begin its IPO roadshow this week, seeking to raise approximately $75 billion at a valuation of around $1.75 trillion.
Should all three offerings proceed as planned, U.S. public markets could witness the debut of multiple trillion-dollar companies within a single year—an unprecedented event in financial history.
The timing also coincides with a broader recovery in global IPO activity. Companies worldwide have raised approximately $87.5 billion through public offerings so far this year, marking the strongest start for IPO markets since 2021.
What a Confidential Filing Means
A confidential filing allows a company to begin the IPO process privately while delaying the public release of detailed financial information.
As the process advances, Anthropic will eventually be required to submit a public S-1 registration statement outlining its financial performance, business model, risk factors, legal matters, and corporate governance structure.
For investors, the IPO could provide the first comprehensive look into the company’s finances and revenue sources at a time when questions surrounding AI valuations and the sustainability of industry growth remain a major topic on Wall Street.
From Startup Challenger to AI Powerhouse
Founded in 2021 by former OpenAI researchers and executives, Anthropic emerged as one of the most prominent competitors in the generative AI sector.
The company is best known for developing the Claude family of AI models, which power a range of products including Claude Code, one of the industry’s leading AI-assisted software development tools.
If Anthropic ultimately debuts near its latest valuation, it would immediately rank among the world’s most valuable publicly traded companies and become one of the largest constituents of the U.S. stock market.
More details are expected as the SEC review process progresses and the company moves closer to a potential public offering.
