Anthropic IPO filing escalates race with OpenAI

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Anthropic IPO filing

Highlights

Anthropic confidentially filed a draft S-1 with the SEC for a proposed U.S. IPO.
The company did not disclose the expected number of shares, price range, or listing date.
Anthropic was last valued at $965 billion after raising $65 billion in Series H funding.

Anthropic moves first

According to Bloomberg, Anthropic said it confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed IPO of its common stock. The company said the number of shares and price range have not been set and that any offering will depend on SEC review, market conditions, and other factors.

The filing follows a $65 billion Series H funding round that valued Anthropic at $965 billion post-money. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, while the company said its run-rate revenue crossed $47 billion earlier in May.

The move puts Anthropic ahead of OpenAI, which is also expected to pursue a public listing. Anthropic, OpenAI, and SpaceX could all enter U.S. public markets at valuations near or above $1 trillion, an unprecedented cluster of potential mega-listings.

AI valuations face public scrutiny

Anthropic’s filing gives regulators an early look at its financials before a public prospectus is released. Confidential IPO submissions allow companies to prepare for listing while keeping sensitive details private until later in the process.

For investors, the eventual public filing could be one of the clearest tests yet of the economics behind frontier AI. Anthropic has benefited from enterprise demand for Claude and Claude Code, but public-market investors will focus on revenue quality, infrastructure costs, compute commitments, and the path to profitability.

The timing also matters. SpaceX has been reported to be pursuing a massive IPO, while OpenAI remains under pressure to define its own public-market strategy. Anthropic’s first-mover position may help it frame the valuation debate before competitors disclose their numbers.

A market test for the AI boom

Anthropic’s IPO process matters because it could set the benchmark for how public markets value frontier AI companies. At nearly $1 trillion in its latest private valuation, the company would rank among the largest technology listings ever and could influence index composition, institutional flows, and investor expectations for OpenAI and other AI firms.

The offering would also force greater disclosure from a sector that has attracted huge capital while revealing relatively little about margins, model costs, and long-term returns. For Wall Street, Anthropic’s filing is not only a company event; it is a test of whether the AI rally can survive the discipline of public markets.

We also reported SpaceX and OpenAI IPOs could heighten risks in the AI sector.

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