AI company Anthropic is preparing to publicly file paperwork for an initial public offering as soon as this month, according to a Bloomberg report, a move that would put the maker of the Claude chatbot on a path toward one of the largest technology listings in years.
From Confidential Filing to Public Paperwork
Anthropic first confidentially submitted a draft registration statement, known as a Form S-1, to the US Securities and Exchange Commission on June 1, giving the company the option to go public once the SEC completes its review. “This gives us the option to go public after the SEC completes its review,” the company said at the time, adding that the proposed offering would depend on market conditions and other factors. The confidential filing came four days after Anthropic closed a $65 billion funding round that valued the company at $965 billion.
According to Bloomberg, Anthropic is now angling to convert that confidential process into a public S-1 filing by the end of August, a step that would make its financial details visible to investors and the public for the first time. Morgan Stanley, Goldman Sachs and JPMorgan Chase are reported to be leading the offering, with law firm Wilson Sonsini, which also advised Google’s 2004 IPO, assisting on public-market readiness.
A Race Among AI Labs
Anthropic’s move comes as it and rival OpenAI both confidentially filed for IPOs within days of each other in early June, setting up what analysts have described as a race to reach public markets. OpenAI CEO Sam Altman has downplayed the idea of a race, telling CNBC that going public “is a financing event” and that the company is not focused on its timing. Anthropic’s filing puts it ahead of OpenAI in the sequence so far, giving it an early role in shaping how public investors evaluate a frontier AI lab’s financials.
The two AI companies’ potential listings arrive alongside SpaceX’s own IPO process, which analysts at PitchBook have described as representing an unusually large concentration of pre-IPO capital reaching the market at once. Wedbush Securities analysts wrote in a note following Anthropic’s June filing that the wave of listings could mark “an opening of the floodgates” for an IPO market that had been comparatively quiet in recent years.
Revenue Growth Behind the Valuation
Anthropic has said its annualized revenue run rate surpassed $47 billion, up from roughly $9 billion at the end of 2025, a pace of growth the company has cited as central to its case for a large valuation. The business has expanded through both API access to its models and enterprise subscriptions, with more than 500 customers each generating over $1 million in annual revenue, according to company disclosures.
Neither the number of shares to be offered nor a price range has been set, and Anthropic has said the completion of any offering depends on market conditions. The company has not confirmed the specific August timeline reported by Bloomberg.
Why It Matters
An Anthropic IPO would give public market investors their first audited look at the finances of a leading AI lab, at a moment when questions about whether frontier AI valuations can be justified by underlying revenue have grown louder. Analysts have pointed to comparisons with past AI-adjacent listings that saw sharp declines after early hype faded, arguing that public investors are likely to scrutinise growth, margins and cash burn more closely than private backers have so far.
