Anthropic, the creator of the Claude AI model, has taken a significant step toward going public by confidentially submitting initial paperwork with the Securities and Exchange Commission. This move follows a recent funding round that valued the company at nearly one trillion dollars, surpassing OpenAI and solidifying Anthropic as the most valuable startup in the artificial intelligence sector.
The newly filed registration did not specify the number of shares or price range, signaling early preparation for an initial public offering expected as soon as late 2026. The company's valuation has surged dramatically in just months, jumping from $380 billion to $965 billion after closing a $65 billion fundraising round that emphasizes strong investor confidence.
Anthropic’s revenue growth also reflects this momentum, with annualized figures rising sharply—from $10 billion last year to over $47 billion by May of this year. This financial trajectory is bolstered by strong enterprise demand and the expansion of its Claude Code product line, which has contributed to overtaking OpenAI’s valuation for the first time since the generative AI boom began.
The AI industry’s IPO pipeline is notably crowded as Anthropic competes alongside major private peers including OpenAI, SpaceX’s xAI, and other high-profile tech companies like Databricks, Canva, and Stripe. SpaceX, after merging with xAI, leads this wave with a public offering underway and targets a valuation near $1.8 trillion, aspiring to raise over $75 billion from investors.
Anthropic distinguishes itself partly by restricting access to its latest model, Claude Mythos, citing cybersecurity risks. Instead of public release, the company has established Project Glasswing, a selective partner program that grants monitored access to industry giants such as Apple, Microsoft, Google, Amazon Web Services, CrowdStrike, and Palo Alto Networks. This initiative aims to strengthen critical software defenses before malicious actors can exploit vulnerabilities.
Despite Anthropic’s exclusivity measures, a secondary market for its shares has emerged, with some intermediaries selling stakes through complex special-purpose vehicles (SPVs). These structures often involve multiple layers of funds, driving up fees for investors and raising concerns about fraudulent transactions due to restrictions on stock ownership imposed by private companies like Anthropic.