Anthropic has confidentially filed for an initial public offering, positioning the maker of the Claude chatbot to potentially leapfrog longtime rival OpenAI in the race to Wall Street. The company submitted draft registration paperwork that could lead to a listing as soon as this fall, according to reporting on the filing.
The move follows a $65 billion funding round that lifted Anthropic's valuation to roughly $965 billion, a figure that for the first time eclipses OpenAI's. Bankers and analysts increasingly expect the company to debut above the $1 trillion mark if market conditions cooperate, with an October window seen as a plausible target.
Anthropic's revenue trajectory has been striking. The company has said annualized revenue crossed about $47 billion in May, up sharply from roughly $9 billion at the end of 2025, a pace of growth that has helped justify its lofty private valuation to investors weighing the durability of AI demand.
A confidential filing allows a company to begin the regulatory review process with the Securities and Exchange Commission without immediately disclosing its financials publicly, giving it flexibility on timing. The approach has become standard for large, closely watched technology debuts seeking to control the flow of information ahead of a roadshow.
The prospect of an Anthropic listing has drawn attention from beyond Silicon Valley, including debate over how much exposure ordinary investors and retirement funds should have to a company whose fortunes are tied to a fast-moving and capital-intensive industry. Executives have pushed back on doubts about AI's returns even as scrutiny of the sector's spending intensifies.
An Anthropic IPO would rank among the most consequential technology offerings in years and serve as a market test of investor appetite for frontier AI at scale. Its timing, pricing and reception would offer a closely watched signal for the broader cohort of richly valued AI companies weighing public listings of their own.