Anthropic Files for IPO
AI company Anthropic announced on Monday that it has confidentially submitted an IPO prospectus to the SEC. This step might pave the way for a groundbreaking IPO that could value the firm at over $1 trillion.
According to a recent report, Anthropic indicated that this confidential filing provides them flexibility regarding future public offerings. They stated, “This gives us the option to go public after the SEC completes its review.” However, they also noted that the proposed IPO would depend on market conditions and other factors.
This action seems to position Anthropic ahead of its competitor, OpenAI, in the race to go public. Reports suggest that OpenAI is preparing to file its own confidential documents soon. On a related note, SpaceX, led by Elon Musk, is further along in its IPO journey, having already filed its prospectus and set to conduct a roadshow this week, with trading anticipated to start shortly after.
The confidential prospectus does not bind Anthropic to a specific timeline for going public. Regulatory rules only necessitate that a company share its official prospectus with investors at least 15 days before the roadshow kicks off. For context, SpaceX submitted its confidential filing on April 1 and shared its public prospectus on May 20.
Founded in 2021, Anthropic emerged as a startup after a group of executives and researchers left OpenAI due to policy disagreements. The company has made a name for itself with its Claude family of AI models, which includes tools like Claude Code, a popular coding assistant.
Throughout 2026, Anthropic has shown significant growth. Notably, in May, the company announced that its revenue run rate skyrocketed to $47 billion, compared to $10 billion in the previous year. With this growth, its valuation soared to $965 billion following a funding round last week, surpassing OpenAI’s $852 billion valuation from late March. If recent trends continue, the IPO could very well exceed $1 trillion.
Earlier this year, Anthropic launched Claude Mythos, an AI model designed for advanced cybersecurity, which garnered considerable interest from both financial and government sectors. The company has been distributing this model to a select number of companies through an initiative called Project Glasswing, and has been discussing potential applications with senior officials from the Trump administration.
The excitement around Mythos has somewhat alleviated concerns for investors worried about Anthropic’s growth, especially after tensions with the Pentagon, which had previously blacklisted their models following a breakdown in negotiations.
Despite some defense contractors severing ties with Anthropic to adhere to Pentagon mandates, the company’s growth in the private sector has actually strengthened. More firms have begun to adopt its AI models and coding tools. Moreover, in the consumer market, Claude surged to the top of Apple’s list of free apps in the US in late February.
