Anthropic Just Beat OpenAI to the IPO Starting Line — Here’s What to Know

TLDR

• Anthropic has confidentially filed a draft S-1 with the SEC for a proposed IPO
• Share count and price have not yet been set
• The company was recently valued at $965 billion after a $65 billion funding round
• Annual revenue run rate hit $47 billion in early May, up from $9 billion last year
• Anthropic beats rival OpenAI to the IPO filing, with SpaceX also in the queue

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Anthropic, the AI company behind the Claude family of models, filed confidential IPO paperwork with the Securities and Exchange Commission on Monday. The filing makes Anthropic one of the most anticipated market debuts of 2026.

The company said the number of shares and the offering price have not yet been determined. Anthropic added that the IPO will depend on market conditions and other factors once the SEC completes its review.

A Company Growing Fast

Anthropic’s financial growth has been rapid. Its annual revenue run rate reached $47 billion at the start of May, up from $30 billion in April. A year ago, that figure stood at $9 billion.

Much of that growth is tied to its enterprise business. The company’s Claude Code coding software has been a key driver of revenue.

Just days before the IPO filing, Anthropic closed a $65 billion funding round. That round valued the company at $965 billion, pushing it past OpenAI, which was last valued at $852 billion in March.

Anthropic now races OpenAI to the public markets. The Wall Street Journal reported in May that OpenAI is working with bankers on its own confidential IPO prospectus. SpaceX, valued at around $2 trillion, filed its own paperwork last month.

Safety Focus and Political Friction

CEO Dario Amodei has positioned Anthropic as a safety-first AI company. That stance has shaped some of its recent decisions.

In April, Anthropic held back its latest model, Claude Mythos Preview, citing concerns it was too capable at finding software vulnerabilities — even though it was not designed for that purpose.

The company also formed a cybersecurity partnership with Amazon, Apple, and Microsoft. The arrangement gives those companies access to Claude Mythos Preview to help identify and fix security flaws before bad actors can exploit them.

Amodei’s safety-focused approach has created friction with the Trump Administration. President Trump previously threatened to ban Anthropic software from government agencies after Amodei said he would not allow the Pentagon to use it for mass surveillance of Americans or to operate fully autonomous weapons.

Despite the political tension, Anthropic’s business momentum has continued. The company’s valuation has grown sharply in a short period of time.

The IPO filing places Anthropic alongside OpenAI and SpaceX as one of the most watched potential listings of the year. No timeline has been confirmed for when the offering might take place.

The SEC review process will need to be completed before any public offering can move forward.

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