Anthropic, the AI company behind Claude, 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 rapid revenue growth and intense competition in the AI sector, with other major players like OpenAI and SpaceX also preparing for public offerings, fueling strong investor demand and a complex secondary market for Anthropic shares.
Anthropic, the maker of the AI model Claude, has confidentially filed initial paperwork with the Securities and Exchange Commission as it prepares for a potential initial public offering (IPO), which 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 that valued the company at $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 financial momentum positions Anthropic strongly as it enters what is expected to be the busiest IPO pipeline since 2021, with several highly valuable private companies planning to go public around the same time.
A key focus in the AI industry is the competition between Anthropic and OpenAI, the two leading labs driving the generative AI revolution. OpenAI, which sparked the AI boom with ChatGPT, raised $122 billion at an $852 billion valuation in March but has faced challenges including missed revenue targets and legal disputes involving Elon Musk. Meanwhile, Anthropic has gained ground due to strong enterprise demand and its Claude Code product line, overtaking OpenAI’s valuation for the first time.
In addition to Anthropic and OpenAI, SpaceX, which merged with xAI earlier this year, is also progressing 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 going public highlights the intense investor interest and competition in the sector.
The high demand for Anthropic shares has led to a shadow market where some intermediaries sell secondary shares, sometimes fraudulently. Because private companies like Anthropic restrict stock ownership, potential buyers often invest through special purpose vehicles or funds that hold shares directly or indirectly. This complex secondary market underscores the eagerness of investors to gain exposure to Anthropic ahead of its anticipated IPO.