Anthropic Files Confidentially for IPO Amid AI Race
Quick Look
- AI lab Anthropic has confidentially filed for an IPO with the SEC, less than a week after raising $65 billion at a $965 billion valuation.
- The move sets the stage for a potential IPO showdown with rival OpenAI.
AI-generated summary
Why It Matters
Anthropic, an AI lab founded by former OpenAI employees, has filed confidentially for an IPO. This follows a recent $65 billion funding round that valued the company at $965 billion. The move occurs during a busy IPO season, with SpaceX also preparing for a large offering.
Anthropic, the AI lab behind Claude, has filed confidentially for an initial public offering, the company said in a blog post Monday.
The company, which is valued at close to $1 trillion, submitted a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering. Anthropic has yet to list the number of shares or set the price. Anthropic said the proposed initial public offering will depend on market conditions and other factors.
The filing comes less than a week since Anthropic raised $65 billion in a Series H funding round that pushed its valuation to $965 billion. The round, which was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, D1 Capital Partners, attracted a bevy of institutional and strategic investors in anticipation of an IPO.
Anthropic’s confidential filing landed in an already white-hot IPO season that includes SpaceX’s initial public offering that is targeting a $2 trillion valuation. SpaceX is seeking to raise more than $75 billion.
It also comes as its rival OpenAI continues to raise funding, notably a $122 billion round in March at an $852 billion post-money valuation, and prepares for its own IPO. OpenAI is expected to file for an initial public offering, setting the stage for an IPO season that will pit the two largest AI labs against each other and test the market’s resolve and interest in artificial intelligence.
Anthropic, now a AI powerhouse that has landed top tier enterprise customers, was once considered an underdog in the emerging world of language language models. The startup was founded in 2021 by former OpenAI employees and seen as a distant competitor to OpenAI and its AI chatbot, ChatGPT.
The company has gained investors and customers for the capabilities of Claude and powerful cybersecurity model Mythos, which has been release on a limited basis. That has translated to eye-popping revenue growth. The company said recently its revenue run-rate had surpassed $47 billion, up from $9 billion at the end of 2025.
This story is developing; TechCrunch will continue to update it.
What to Watch
AI outlook — possibilities, not facts
Anthropic's IPO will likely be one of the largest in recent history, given its valuation and the current market interest in AI.
Very likely · Medium term
The IPOs of Anthropic and OpenAI will be closely watched as a test of the market's appetite for AI companies.
Very likely · Medium term
Anthropic's revenue growth will continue to be significant due to demand for its AI models.
Likely · Medium term
Open Questions
- What will be the exact valuation and share price for Anthropic's IPO?
- How will market conditions affect the timing and success of Anthropic's IPO?
- What is the specific timeline for Anthropic's IPO?
- How will the competition between Anthropic and OpenAI impact their respective IPOs and market positions?
