Anthropic Files Confidentially for IPO in Public-Market Test of AI Boom

CBS News reported Monday that Anthropic, the San Francisco-based company behind the Claude AI assistant, has confidentially submitted paperwork for an initial public offering. The move positions Anthropic ahead of rival OpenAI, which Wall Street expects to announce its own listing later in 2026.

A Three-Way Race to the Public Markets

Anthropic’s confidential filing places it alongside OpenAI and SpaceX in what analysts are calling a landmark moment for capital markets. Wedbush Securities analysts wrote in a note Monday that the trio of listings represents an “opening of the floodgates” for an IPO market that has sat largely quiet for several years.

A confidential submission lets companies gather regulatory feedback before a public SEC filing becomes available to investors. Anthropic said the move gives it the option to proceed once the SEC review is complete, though it cautioned that timing will depend on market conditions.

Staggering Valuation Built on Subscription Revenue

Last week Anthropic disclosed it had closed a funding round valuing the company at $965 billion. It also reported annualized revenue of $47 billion, generated largely through Claude subscriptions sold to businesses and individual users for tasks ranging from coding to personal productivity. The figures will be central to investor scrutiny once a public prospectus is filed.

Background: From OpenAI Breakaway to Regulatory Flashpoint

CEO Dario Amodei co-founded Anthropic in 2021 alongside other former OpenAI employees. The company drew national attention earlier this year after Amodei refused Defense Department requests to use Claude in fully autonomous weapons systems or mass surveillance programs. President Trump subsequently directed federal agencies to sever ties with Anthropic, erasing more than $200 million in government contracts. Defense Secretary Pete Hegseth went further, calling the company “a supply chain risk to national security.” The episode underscored the political exposure that AI companies carry into public markets.

Investors Face an Unresolved Profitability Question

The three planned listings will serve as a direct test of whether markets believe AI’s promise matches its price tag. Critics have questioned whether the enormous capital required to build and operate AI data centers will eventually translate into durable profits. Supporters counter that the productivity gains AI enables will reshape corporate earnings across every sector. For now, Anthropic has given no guidance on share count or offering price.

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