Anthropic files confidentially for IPO

Anthropic, the artificial intelligence lab behind Claude, has submitted a draft registration statement to the U.S. Securities and Exchange Commission (the US financial regulator) for a confidential initial public offering (IPO). The company, which is valued at close to $1 trillion, filed the draft on Monday. A confidential filing allows a company to prepare for a potential public market debut without publicly disclosing detailed financial information, risks, or internal business details, enabling Anthropic to evaluate the IPO privately and without the critical eye of the public. If Anthropic proceeds with the listing, it will file an S-1 registration document (the public filing document) containing its detailed financials, legal matters, and risk factors.

The filing places Anthropic in a competitive IPO season. Its rivals include SpaceX, which is targeting a $2 trillion valuation and seeking to raise more than $75 billion, and OpenAI, which is also expected to file for an initial public offering. OpenAI recently raised a $122 billion funding round in March at an $852 billion post-money valuation. The concurrent listings are expected to set up a direct market test between the two largest AI labs.

Anthropic’s move follows a $65 billion Series H (late-stage funding) round that pushed its valuation to $965 billion. The funding round was co-led by a group of institutional and strategic investors, including:

• Altimeter Capital
• Dragoneer
• Greenoaks
• Sequoia Capital
• Capital Group
• Coatue
• D1 Capital Partners

This capital injection comes as Anthropic reports financial growth. The company recently stated that its revenue run-rate (annualized revenue based on current performance) surpassed $47 billion, up from $9 billion at the end of 2025. Founded in 2021 by former OpenAI employees, Anthropic was once considered an underdog in the emerging world of large language models but has transitioned into an AI powerhouse by securing top-tier enterprise customers.

In addition to its financial expansion, the company is navigating regulatory and technical challenges. Anthropic is poised to give the European Union’s cybersecurity agency access to Mythos, Bloomberg reported on Monday. Anthropic previewed the Mythos model in April but has kept access restricted, warning software developers that the model had discovered thousands of high-severity bugs that must be fixed before it can be made public.

Why it matters

Anthropic’s move signals the start of a high-stakes IPO season, forcing a direct market comparison between the two largest AI labs and established tech giants like SpaceX.