Anthropic Prepares for Public Markets

Anthropic, one of the world’s leading AI firms, has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, paving the way for a potential initial public offering (“IPO”). [PC1] The recently announced filing positions the company for a stock market debut that could reshape how investors value the generative AI sector, as it would join a small group of pure-play AI companies that are publicly traded. Anthropic noted that the number of shares and offering price have not yet been set, and that the IPO will depend on market conditions and other factors.

The filing arrives on the heel of an extraordinary fundraising stretch for Anthropic. The company recently closed a US $65 billion Series H round that pushed its post-money valuation to US $965 billion and was jointly led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The latest round drew a deep bench of institutional investors looking to position themselves ahead of the public listing. By choosing the confidential filing route, Anthropic gains the flexibility to work through the SEC’s review process privately, without immediately disclosing detailed financials, risk factors, or governance structure to competitors and the broader public.

The timing places Anthropic at the center of what could become a defining IPO quarter. As the BBC reported, Anthropic’s plans land alongside SpaceX’s anticipated public offering, which is targeting a roughly US $2 trillion valuation. At the same time, Anthropic’s rival, OpenAI, which was recently valued at US $852 billion after its own US $12 billion raise, is also expected to pursue a listing. CEO Sam Altman told CNBC that OpenAI would go public “when it makes sense,” but is in no rush. Hargreaves Lansdown analyst, Matt Britzman, called the wave of activity “a clear sign that the AI arms race is moving into a more capital-hungry phase,” and there are real stakes to going public first: Anthropic’s prospectus will likely set the benchmarks, enterprise revenue, margins, subscriber metrics, by which every other AI company is measured.

Anthropic enters this moment from a position of remarkable momentum. Founded just five years ago by former OpenAI employees, including CEO Dario Amodei, the company has evolved from underdog to powerhouse recently disclosing a revenue run rate above US $47 billion, up from roughly US $9 billion at the end of 2025. With profitability reportedly within reach in the first half of this year, a notable contrast to both SpaceX and OpenAI, Anthropic’s IPO is shaping up to be one of the most closely watched tests yet of whether AI’s soaring private valuations can hold up under public market scrutiny.