Anthropic weighs new AI model launch as OpenAI rivalry sharpens ahead of IPO

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Anthropic weighs new AI model

Highlights

Anthropic considers launching a new AI model while weighing IPO timing, potentially delaying its public debut until after the November U.S. midterm elections.
OpenAI's GPT-6 Astra, released on September 3, now accounts for 13% of enterprise AI spending tracked by Ramp versus Anthropic's Claude Fable at roughly 8%.
Anthropic's annualized revenue run rate surpassed $65 billion in July, outpacing OpenAI's $40 billion, but faces pressure as Meta Platforms develops in-house AI and open-source models gain traction.

Launch timing and IPO considerations

As first reported by Reuters, Anthropic is considering releasing a new AI model as it responds to stronger competition from OpenAI and weighs the timing of a planned IPO. People familiar with the matter say the company is also evaluating the safety of the model, with internal discussions focused on how to balance a launch against profitability goals as higher interest rates push investors to demand clearer paths to returns.

That debate follows Amodei's September 12 essay calling on the global AI sector to slow the pace of capability improvements. In the essay, he warns of a future in which large numbers of AI agents overwhelm the internet and outstrip human control, a stance that receives public support from OpenAI Chief Executive Sam Altman and SpaceX Chief Executive Elon Musk.

Anthropic declines to comment. OpenAI, meanwhile, says it will not go public in 2026, with Altman saying last Saturday that AI safety concerns make this a poor time for a listing, while Anthropic could delay its own IPO until after the November U.S. midterm elections.

Enterprise AI market pressure builds

OpenAI's GPT-6 Astra, released on September 3, is gaining traction with business users and developers, increasing scrutiny from investors over whether Anthropic can maintain its position in enterprise AI. The model is marketed with improvements in computer use, software engineering, cybersecurity and professional work, and some investors tell Reuters they are reassessing Anthropic's competitive standing.

Astra accounts for about 13% of enterprise AI spending tracked by Ramp, compared with roughly 8% for Anthropic's Claude Fable, according to the latest data cited in the report. OpenRouter also says users spend more on OpenAI models than on Anthropic models last week, the first time OpenAI leads by that measure in more than two and a half years.

Even so, some current and prospective investors in both companies say Astra does not yet represent a major threat because Anthropic still holds a strong position in enterprise tools and large corporate customers are slow to replace established vendors. Anthropic's annualized revenue run rate tops $65 billion by the end of July, up from about $9 billion at the end of 2025, while OpenAI's annualized revenue run rate passes $40 billion in July.

Investors also say leadership among Anthropic, OpenAI, Alphabet's Google and other major developers is likely to keep shifting as each releases new model generations. Beyond that rivalry, open-source and open-weight models are emerging as a broader challenge because they can cut token costs and let companies build more internal AI infrastructure, potentially putting pressure on the economics of leading commercial providers.

Meta Platforms, one of Anthropic's largest customers, is also looking to reduce its use of Anthropic's models as it develops more AI capabilities in-house, according to people familiar with the matter. That adds to concerns that the competitive landscape is widening beyond the direct contest between Anthropic and OpenAI.

Nscale’s U.S. IPO filing outlined how an AI-focused company is trying to tap public markets despite a challenging fall listings season. Our earlier article noted that rising bond yields and tighter monetary policy are pressuring valuations and investor risk appetite, making IPO timing and demand key variables for would-be issuers.

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