Anthropic Takes Major Step Toward Potential IPO

Artificial intelligence startup Anthropic has confidentially submitted initial paperwork to the U.S. Securities and Exchange Commission, marking a significant move toward a potential initial public offering that could take place as early as late 2026. The filing does not disclose the number of shares to be offered or a proposed price range.

The development comes only days after Anthropic completed a funding round that raised $65 billion and valued the company at $965 billion, surpassing rival OpenAI and making it the highest-valued AI startup. The latest financing nearly tripled Anthropic’s previous valuation of $380 billion in approximately three months.

The company’s financial growth has accelerated rapidly. Anthropic reported annualized revenue exceeding $47 billion in May, compared with $30 billion earlier this year and about $10 billion in annual revenue during the previous year.

Anthropic is entering what is shaping up to be the busiest IPO market since 2021, as several of the world’s most valuable private companies prepare for public listings. Much of the attention is focused on the competition between Anthropic and OpenAI, two companies that have played leading roles in the generative AI boom. OpenAI, which sparked widespread interest in AI with ChatGPT, secured $122 billion in funding at an $852 billion valuation in March, though investors have raised concerns over revenue performance and an ongoing legal dispute involving Elon Musk. Anthropic, meanwhile, has gained momentum through strong enterprise demand and the success of its Claude Code platform, allowing it to surpass OpenAI in valuation for the first time.

Among other anticipated listings, SpaceX, which merged with xAI earlier this year, is reportedly the furthest along in the process. The company has publicly filed paperwork and is expected to begin a roadshow in early June while targeting a valuation of roughly $1.8 trillion and seeking to raise more than $75 billion. Other private companies reportedly preparing for public market debuts include Databricks, Canva, Stripe, Cohere, Strava, Discord and Inspire Brands, the parent company of Dunkin’ and Buffalo Wild Wings.

Investor fascination with Anthropic has also been fueled by Claude Mythos, a model announced on April 7 but not released to the public. The company cited cybersecurity risks and concerns that the technology could be misused if broadly distributed. Instead, Anthropic launched Project Glasswing, a controlled-access initiative that allows approved partners to test and strengthen critical software systems. Participants include Apple, Microsoft, Google, Amazon Web Services, CrowdStrike, Palo Alto Networks and around 40 other organizations.

Strong demand for Anthropic shares has also contributed to a growing secondary market, where some intermediaries have attempted to sell stakes in the company through special-purpose vehicles, or SPVs. Because private firms often restrict stock ownership, investors may gain exposure through multiple layers of funds, which can significantly reduce returns due to accumulated fees. In one example, a $2 million investment routed through a three-layer SPV structure could lose nearly $5 million of a $10 million payout to intermediaries before taxes. Authorities have already begun investigating abuses in the market, with three New York brokers pleading guilty this year to fraud charges after raising $185 million from more than 1,000 investors.