Artificial intelligence company Anthropic, the developer of the widely used Claude chatbot, announced Monday that it has confidentially submitted paperwork to the U.S. Securities and Exchange Commission as it prepares for a potential initial public offering (IPO) later this year.
A public listing would allow investors to buy and trade shares of the company on stock exchanges. Anthropic noted that details including the offering price and the number of shares available have not yet been determined.
The planned IPO comes at a time when investor enthusiasm for artificial intelligence companies is being tested against the lofty valuations many firms in the sector have achieved. Anthropic’s anticipated market debut, along with the expected listing of SpaceX, is likely to provide insight into how public investors value leading AI businesses.
Rapid Rise in Valuation
Founded five years ago by Chief Executive Officer Dario Amodei and several former colleagues, Anthropic has quickly become one of the most valuable private technology companies in the world.
The company recently secured funding from private investors at a valuation exceeding $965 billion (£717 billion), surpassing the latest private-market valuation assigned to OpenAI, which stood at $852 billion.
Amodei launched Anthropic after departing OpenAI, where he had worked for several years. His exit followed disagreements with OpenAI Chief Executive Sam Altman.
Since then, the two companies have emerged as major competitors, developing comparable AI technologies while vying for users, enterprise clients, and market share.
OpenAI Also Considering a Public Listing
OpenAI is reportedly exploring its own IPO plans this year. Speaking to CNBC on Monday, Altman indicated that while a public offering remains part of the company’s long-term strategy, there is no urgency.
“We’ll do it when it makes sense,” Altman said.
If both Anthropic and OpenAI move forward with listings, U.S. capital markets could witness one of the largest concentrations of investment directed toward a small group of technology companies.
SpaceX is widely expected to set records with its anticipated valuation, while Anthropic and OpenAI are projected to command similarly substantial market capitalizations.
Public Markets Will Set the Benchmark
Troy Hooper, who leads equity capital markets at Mergermarket, said the race to go public carries strategic significance for both AI firms.
“Neither Anthropic nor OpenAI wants to be the last major AI pure-play to list,” Hooper said.
“The first mover has a real chance to define how public markets value generative AI, setting up the yardstick that investors will use to measure everyone else.”
Pitchbook research analyst Harrison Rolfes suggested that Anthropic’s offering could become one of the most closely watched technology IPOs ever, as investors scrutinize revenue growth, profitability, operating margins, and the broader economics of artificial intelligence.
Rolfes also highlighted the significance of Anthropic potentially listing around the same time as SpaceX.
“The 2026 window either becomes the most consequential IPO cycle since the dot-com era or the most expensive lesson in narrative-versus-fundamentals that public markets have ever taught,” Rolfes said.
Dispute With the U.S. Department of Defense
Anthropic has also spent much of the year embroiled in a dispute with the U.S. Department of Defense (DoD).
The conflict began after the DoD sought to include provisions in a $200 million contract that would allow government agencies to use AI systems such as Claude for “any lawful use.” Amodei publicly expressed concerns about the implications of those terms.
Although Claude became the first modern AI chatbot deployed on classified U.S. government networks, Anthropic worried the contract language could potentially permit uses involving large-scale domestic surveillance or fully autonomous military weapons.
The disagreement escalated after President Donald Trump criticized the company, while Defense Secretary Pete Hegseth subsequently barred federal agencies from using Claude. Anthropic later initiated legal proceedings against the government, and although relations with the White House appear to have improved recently, the lawsuit remains active.
Profitability Outlook Remains Strong
Despite its clash with the federal government, Anthropic has continued to attract customers and maintain investor confidence.
The company has informed investors that it expects to achieve profitability during the first half of this year, supported by strong growth in sales of Claude and related AI services.
In contrast, neither SpaceX nor OpenAI is currently generating profits.