Anthropic files confidential IPO paperwork, beating OpenAI to public markets

Anthropic has submitted confidential paperwork to the US Securities and Exchange Commission (SEC) to pursue an initial public offering, positioning itself ahead of rival OpenAI in the race to access public capital markets. The artificial intelligence developer confirmed the filing on Monday, stating that the specific number of shares to be offered and the stock price have not yet been determined.

The company noted that the proposed initial public offering is contingent upon the completion of the SEC’s review and prevailing market conditions. The move follows a significant $65 billion funding round that valued Anthropic at $965 billion, surpassing OpenAI’s March valuation of $852 billion. This financial milestone coincides with a surge in the company’s annual revenue run rate, which reached $47 billion in early May, up from $30 billion in April and $9 billion the previous year.

Anthropic’s rapid ascent is largely attributed to the success of its enterprise offerings, particularly its Claude Code coding software. The company has recently launched a suite of new products, including Claude for Small Business, and unveiled its latest flagship model, Claude Opus 4.8, during the recent Law Week event. These developments have solidified its position as one of the most significant potential technology sector debuts, alongside SpaceX, which filed paperwork to go public last month.

CEO Dario Amodei has sought to distinguish Anthropic from its competitors by emphasising a safety-first approach. In April, the company announced it was withholding the release of its Claude Mythos Preview model due to concerns regarding its capability to hack into software. To address these risks, Anthropic established a cybersecurity partnership with Amazon, Apple, and Microsoft, granting the tech giants access to the model to identify and remediate potential security vulnerabilities.

However, this stance has resulted in friction with the Trump Administration. The administration previously designated Anthropic as a supply chain risk after Amodei refused to permit the Pentagon to use its software for mass surveillance of Americans or for operating fully autonomous weapons. Secretary of Defense Pete Hegseth moved to enforce the designation, prompting Anthropic to initiate legal action to have it removed. The filing comes as US stock markets showed slight gains during a summit in Beijing between President Donald Trump and Chinese President Xi Jinping.