Anthropic secretly filed for an IPO, could go public as early as this fall.
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Anthropic has officially submitted a confidential IPO filing to the U.S. Securities and Exchange Commission, marking a key step towards going public for this AI company valued at nearly one trillion dollars. It is poised to become the largest IPO in the AI sector to date.
The company issued a statement on Monday stating that filing the prospectus “gives us the right to choose to go public after SEC review is completed,” and emphasized that “the proposed initial public offering will depend on market conditions and other factors.”
This move means Anthropic does not have a clear timetable for listing, but it has taken the lead over rival OpenAI—which is also preparing a confidential filing. Reportedly, Anthropic may list this fall.
On Monday, OpenAI CEO Sam Altman downplayed talk of competition between his company and Anthropic to go public. He said, “We will go public when we feel the timing is right.”
Over the past year, Anthropic and its competitor OpenAI have raced to release AI models designed to simplify a wider range of professional tasks (from codingto financial servicesand to healthcare), aiming to attract more enterprise customers and justify their high valuations.
Anthropic's revenue growth this year has been astonishing. In May, the company disclosed its annualized income had surged to $47 billion, while its total revenue for last year was just $10 billion. The latest round of financing completed last week pushed its valuation to $965 billion, surpassing OpenAI.
Confidential filing keeps timing flexible
According to SEC regulations, submitting a confidential prospectus does not obligate the company to list within a specific timeframe. Anthropic’s official prospectus only needs to be delivered to investors at least 15 days before the roadshow begins.
Rival SpaceX offers a reference pathway—with the company submitting its confidential application on April 1, making its prospectus public on May 20, launching the roadshow this week, and planning to list next week.
Anthropic was founded in 2021 by a group of former OpenAI executives and researchers who left due to disagreements over OpenAI’s direction. The company’s core products are the Claude series of AI models, with the programming assistant Claude Code attracting significant market attention.
This year, Anthropic launched a new model called Claude Mythos Preview, which features advanced cybersecurity capabilities and has garnered wide attention in Washington’s political and business circles.
To meet the computing demands of its rapid growth, Anthropic has recently signed numerous infrastructure agreements. Last month, Anthropic struck a deal with SpaceX to use available capacity in its Colossus 1 data center in Memphis, Tennessee, with a contract running until May 2029 and monthly payments reaching $1.25 billion.
Pentagon ban casts a shadow, but the private market is strong
Anthropic faced a major policy setback this year. After negotiations with the U.S. Department of Defense broke down, its models were blacklisted by the Pentagon, and related defense contractors promptly ceased cooperation as ordered.
Anthropic stated that this move by the Trump administration could cost the company billions of dollars in revenue.
Anthropic has filed a lawsuit to overturn the ban, and the case is still ongoing. President Trump stated in an April CNBC interview that it is “possible” for Anthropic to reach an agreement with the Defense Department.
Nevertheless, the ban has not hindered the company’s commercial momentum. As more companies adopt its models and AI programming tools, Anthropic’s growth in the private market has actually accelerated.
The popularity of Claude Mythos has also eased some investors’ previous concerns about the outlook for growth.
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