Anthropic, the AI company behind the Claude model, has confidentially filed for an IPO potentially as early as late 2026, following a massive $65 billion funding round that valued it at $965 billion, surpassing OpenAI. This move comes amid intense competition with other tech giants like OpenAI and SpaceX preparing for public offerings, highlighting strong investor demand and a burgeoning secondary market for private shares.
Anthropic, the AI company behind the Claude model, has confidentially filed initial paperwork with the U.S. Securities and Exchange Commission as it prepares for a potential initial public offering (IPO) that could occur as early as late 2026. The filing did not specify the number of shares or pricing details. This move follows shortly after Anthropic closed a massive $65 billion funding round, which valued the company at an astonishing $965 billion, surpassing rival OpenAI and establishing Anthropic as the most valuable startup in the artificial intelligence sector.
The recent funding round nearly tripled Anthropic’s valuation from $380 billion just three months prior. The company’s annualized revenue has also seen rapid growth, reaching $47 billion in May, up from $30 billion earlier in the year and $10 billion the previous year. This surge in valuation and revenue highlights the strong enterprise demand for Anthropic’s AI products, particularly its Claude Code franchise, which has helped it overtake OpenAI in market value for the first time.
Anthropic’s IPO plans come amid a highly competitive and busy IPO pipeline, with three of the most valuable private companies in AI and technology preparing to go public around the same time. The primary competition is between Anthropic and OpenAI, the latter of which sparked the generative AI boom with ChatGPT. OpenAI raised $122 billion at an $852 billion valuation in March but has faced challenges including missed revenue targets and legal disputes, notably with Elon Musk.
In addition to Anthropic and OpenAI, SpaceX, which merged with xAI earlier this year, is also advancing toward a public offering. SpaceX is reportedly preparing for a roadshow in early June, targeting a valuation of around $1.8 trillion and aiming to raise over $75 billion. This convergence of major AI and tech companies entering the public markets marks one of the most significant IPO periods since 2021.
The intense demand for Anthropic shares has also led to a shadow market where secondary shares are being sold, sometimes fraudulently. Due to restrictions on who can hold private company stock, buyers often invest through special-purpose vehicles or funds that hold Anthropic shares. This secondary market activity underscores the high investor interest and the complexities involved in acquiring stakes in leading private AI companies ahead of their public listings.