Anthropic Confidentially Files for IPO at Near-$1 Trillion Valuation
CNBC reported Monday that Anthropic has submitted a confidential IPO prospectus to the Securities and Exchange Commission, positioning the Claude maker for what could be one of the most closely watched market debuts in years.
The company said the filing gives it the option to pursue a public listing once regulators complete their review. Anthropic stressed that any offering will ultimately depend on prevailing market conditions.
Anthropic Races Ahead of OpenAI
The move puts Anthropic ahead of its primary rival in the race to public markets. OpenAI is also preparing a confidential SEC submission, but has not yet filed. Separately, Elon Musk’s SpaceX is further along in the process, having disclosed its public prospectus in late May and targeting a roadshow this week.
A confidential filing carries no hard deadline for going public. Under SEC rules, a company’s full prospectus must reach investors at least 15 days before any roadshow begins. That gives Anthropic flexibility on precise timing.
Revenue Surge Underpins the Case for Investors
Anthropic’s growth trajectory has given underwriters plenty to work with. The company’s annualised revenue run rate hit $47 Billion this year, according to CNBC, up sharply from $10 Billion in annual revenue last year. Last week it closed a fresh funding round at a $965 Billion valuation, eclipsing OpenAI’s $852 Billion mark set in late March.
Infrastructure commitments reflect that ambition. Anthropic struck a compute agreement with SpaceX last month, securing capacity at the Colossus 1 data centre in Memphis, Tennessee. The deal costs Anthropic $1.25 Billion per month through May 2029, with either party able to walk away on 90 days’ notice.
Background: From OpenAI Breakaway to AI Heavyweight
Anthropic was founded in 2021 by researchers who departed OpenAI over concerns about the firm’s strategic direction. Its Claude model family has since become a major commercial force, powering coding tools and enterprise applications across industries.
The company navigated a significant setback earlier this year when its models were blacklisted by the Pentagon following failed contract negotiations. Anthropic sued the Trump administration to challenge the decision, and litigation is ongoing. Despite the defence sector friction, private-sector adoption accelerated, and Claude briefly topped Apple’s US free-app chart in late February.
What Comes Next
Regulators must complete their review before Anthropic can launch a formal roadshow. President Donald Trump told CNBC in April that a resolution with the Pentagon is “possible,” which could broaden Anthropic’s addressable market ahead of any listing. For now, the company’s timeline remains open.
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