Anthropic has confidentially filed paperwork with the U.S. Securities and Exchange Commission for a potential initial public offering, taking a major step toward becoming one of the first frontier AI companies to enter public markets.
The company announced Monday that it had submitted a confidential draft registration statement to the SEC. Anthropic said the filing gives it the option to pursue a public listing once regulators complete their review process, though the timing of any IPO will depend on market conditions and other factors.
The filing places Anthropic ahead of rival OpenAI, which is reportedly preparing its own confidential submission. Meanwhile, SpaceX has already filed a public prospectus and is preparing for a roadshow ahead of its planned Nasdaq debut.
Anthropic’s IPO plans follow a period of extraordinary growth. Founded in 2021 by former OpenAI researchers and executives, the company has become one of the leading developers of generative AI models through its Claude family of products, including the widely adopted Claude Code coding assistant.
The company recently reported a $47 billion annualized revenue run rate, up from approximately $10 billion in annual revenue last year. Last week, Anthropic closed a $65 billion Series H funding round that valued the company at $965 billion, surpassing OpenAI’s reported $852 billion valuation and making Anthropic Silicon Valley’s most valuable AI company.
Anthropic has also attracted significant attention through Claude Mythos Preview, its advanced cybersecurity-focused model. The company has deployed the system through Project Glasswing, a cybersecurity initiative that helps critical infrastructure providers identify and remediate software vulnerabilities.
In addition to its software growth, Anthropic has been expanding its computing infrastructure. The company recently signed a major agreement with SpaceX to access computing capacity at the Colossus 1 data center in Memphis, Tennessee. According to SpaceX’s prospectus, the arrangement is worth approximately $1.25 billion per month through May 2029.
A Defining Moment for AI Public Markets
Anthropic’s filing marks a significant milestone for the artificial intelligence sector, which has largely remained private despite attracting hundreds of billions of dollars in investment.
Investors have been waiting for a major AI infrastructure or model developer to enter public markets, viewing such listings as an opportunity to gain direct exposure to the rapid growth of generative AI. Anthropic’s combination of strong revenue growth, enterprise adoption, and premium valuation positions it as one of the most anticipated technology IPOs in recent years.
The confidential filing process allows the company to work with regulators privately before publicly releasing detailed financial information and formally marketing shares to investors.
