SAN FRANCISCO: Anthropic, the artificial intelligence startup behind the Claude chatbot, has confidentially submitted a draft Form S-1 registration statement to the US Securities and Exchange Commission, signaling preparations for a potential initial public offering (IPO).
In a statement issued on Monday, the company said the confidential filing allows it to move toward a public listing once the SEC completes its review. Anthropic stressed that the timing and structure of any IPO will depend on market conditions and other factors.
Valuation surges toward trillion-dollar mark
According to Reuters, Anthropic recently raised funding at a post-money valuation of $965 billion, positioning it ahead of OpenAI based on the latest reported figures. If market conditions remain supportive, a public debut above the $1 trillion valuation threshold is increasingly viewed as a realistic outcome.
Reuters also reported that Anthropic’s valuation has more than doubled since February, when it stood at approximately $380 billion, highlighting intense investor demand for large-scale AI platforms.
The company said its annualized run-rate revenue crossed $47 billion earlier this month, citing figures published on its corporate blog.
Among potential trillion-dollar IPOs of 2026
According to Fortune, Anthropic could be one of the three companies expected to reach trillion-dollar valuations through public listings in 2026, alongside OpenAI and SpaceX.
If realized, such listings would mark a historic moment for capital markets and underscore the rapid commercialization of generative AI technologies.
IPO terms remain undecided
Anthropic clarified that it has not yet determined the number of shares to be offered or the price range for the IPO. The announcement was made under Rule 135 of the Securities Act of 1933, meaning it does not constitute an offer to sell securities or a solicitation to buy.
Race to public markets intensifies
Reuters noted that Anthropic’s confidential filing puts it ahead of OpenAI in the race to reach US public markets. OpenAI is also reportedly preparing to submit its own confidential IPO filing in the coming weeks.
Market analysts believe Anthropic’s move could serve as a key test of public investor appetite for AI companies, particularly after a sharp run-up in private market valuations across the sector.
Founded in 2021 by former OpenAI executives, Anthropic has emerged as one of the leading AI developers, with Claude positioned as a major competitor to ChatGPT in enterprise and consumer markets.
Broader IPO market implications
Anthropic’s potential listing is being closely watched for its broader impact on global capital markets. According to Dealogic data cited by Reuters, global IPO fundraising reached $87.5 billion through May 26, the highest year-to-date total since 2021.
If Anthropic proceeds with its IPO, investors will gain unprecedented insight into the financial performance, cost structure, and revenue scalability of one of the world’s most valuable private AI companies.
Market observers say the listing could shape valuations, investor sentiment, and regulatory scrutiny across the rapidly expanding artificial intelligence industry.
