Anthropic rushes for IPO, could go public as early as October, may beat OpenAI to the capital market.

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One of the largest IPOs in the AI industry is quickly approaching.

On July 15, according to Bloomberg citing sources familiar with the matter, Anthropic is advancing its initial public offering (IPO) plans, with underwriters beginning to arrange meetings between the company's management and potential investors. The IPO could take place as soon as October this year.

The company plans to hold numerous intensive IPO investor meetings over the next few weeks. If progress goes smoothly, Anthropic will debut on the capital markets ahead of its main competitor, OpenAI. Previous Bloomberg reports indicated that OpenAI has postponed its IPO timeline to 2027, further delaying from its earlier plan of autumn 2026. Both companies have confidentially filed for listing.

This IPO preparation comes amid rapid increases in Anthropic's valuation. After its latest funding round this May, the company’s valuation rose to $965 billion, surpassing OpenAI for the first time and becoming one of the world’s highest-valued unlisted tech companies. However, the report cited sources saying arrangements are still under discussion and the IPO timing and details may still change.

The AI race enters the capital markets stage

As competition in generative AI intensifies, the capital markets may usher in a new wave of AI company listings.

Sources familiar with the matter said Anthropic has chosen Morgan Stanley, Goldman Sachs, and JPMorgan as the main underwriters for the IPO, and is working on investor communications prior to the listing in preparation for the official launch.

Besides Anthropic, DeepSeek is also advancing its IPO plans. Previous Bloomberg reports indicated that the company could submit its listing application within this year. As industry competition intensifies, the capital operations of leading AI companies are also speeding up.

High growth supports IPO expectations

Anthropic’s rapid IPO progress is closely related to its recent business growth.

In recent years, the company has expanded its enterprise client base through its Claude series of models, with AI tools for software development, code generation, and other scenarios becoming key revenue drivers, fueling strong revenue growth and supporting its continuously increasing valuation.

Meanwhile, as generative AI commercialization deepens, capital markets are increasingly focusing on large model companies with scalable revenue capabilities, which also provides Anthropic with a favorable window for listing.

Policy remains an important variable

However, beyond rapid growth, the policy environment remains an important risk factor for investors.

Previously, the Trump administration temporarily restricted overseas access to two of Anthropic’s core models. Anthropic also filed a lawsuit regarding being included on the U.S. Department of Defense's supply chain risk enterprise list, indicating that there is still friction between the company and government agencies.

As the IPO approaches, the regulatory environment, geopolitics, and changes in AI industry policy will remain key variables affecting the pace of Anthropic’s listing and its market pricing.

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