Anthropic, which operates AI chatbot Claude, did not disclose the size or the terms of the offering.

Save

Share

Artificial intelligence (AI) giant Anthropic has confidentially filed for an initial public offering (IPO) in the United States, teeing up what could become a watershed moment for Wall Street’s AI frenzy.

The move, announced on Monday, sets up a high-stakes test of whether investor appetite for the AI revolution that has reshaped white-collar work around the world can match the sky-high expectations surrounding the booming sector.

Anthropic, which operates AI chatbot Claude, did not disclose the size or the terms of the offering. Confidential submissions let companies advance IPO preparations while shielding sensitive financial details from rivals and the public.

Anthropic last raised $65bn in late May and was valued at $965bn, putting it ahead of rival OpenAI. The company said at the time that it was making annualised revenue of $47bn from selling its technology to people and organisations using Claude to write code and do other work and personal tasks on their behalf.

The crucial step towards a listing comes on the heels of SpaceX’s mega-IPO, which is on course to rewrite the record books as the Elon Musk-led company pursues a $75bn offering at a $1.75 trillion valuation.

Anthropic was formed in 2021 by ex-OpenAI leaders, and now both AI firms, along with Elon Musk’s rocket and AI company SpaceX, are expected to become publicly traded. All three are also still losing more money than they make, fuelling concerns of an AI bubble.

OpenAI and Anthropic have become the face of the AI boom that has redrawn corporate strategies, sparked a global arms race for computing power and talent, and turned AI-linked companies into some of the market’s most richly valued firms.

“One of the biggest significances is how quickly Anthropic has overtaken OpenAI in a matter of 12 to 14 months,” Scott Stevens, founder and CEO of Gray Peak Financial, a New York-based investment firm, told Al Jazeera. “OpenAI was the poster child for growth, innovation, and leadership in the industry, and now you’ve seen Anthropic, for the first time, raise capital at a higher valuation than OpenAI, and their growth rate is much, much higher.

“OpenAI had a pretty big misstep where they focused on consumers and the first part of AI, whereas Anthropic is much more focused on enterprise, coding, and software development.”

Anthropic’s rapid rise in early 2026 rattled markets, triggering sharp sell-offs in software and IT stocks as investors worried its increasingly autonomous AI tools could upend traditional business models and accelerate disruption across industries.

“OpenAI and Anthropic are in a race to go public before capital runs out,” said analyst Gil Luria from the investment firm DA Davidson.

“The other reason for Anthropic to try to beat OpenAI out to the public market is that they will get to set the agenda for how a frontier model reports financials and do so in a way that is favourable to their financial model.”

OpenAI is also preparing to confidentially file for a US IPO in the coming weeks, adding to a wave of blockbuster ‌listings anticipated in the year ahead.

As many blockbuster listings race towards public markets, companies from SpaceX to AI giants are competing for a finite pool of investor capital.

“The combined demand for capital from SpaceX, OpenAI and Anthropic will be so considerable that it is likely to create disruptions in the capital markets, so going early will be a great advantage,” Luria said.

The listing would represent one of the most consequential stock market debuts in years, potentially reshaping benchmark indexes, investor flows and the broader narrative driving US equities.

At close to a $1 trillion valuation, Anthropic would vault into the top tier of the S&P 500, alongside a handful of elite companies that dominate global equity markets.

An Anthropic debut would be a major boost for the long-sluggish IPO market, though experts and bankers warn an offering of such scale could drain liquidity and investor attention from smaller listings.