Anthropic, Maker of Claude, Confidentially Files for IPO

Anthropic, the AI lab behind Claude and Claude Code, has confidentially filed for a U.S. IPO, potentially leapfrogging OpenAI to public markets and setting up one of the largest AI listings ever seen.

What was filed

The company announced Monday that it has filed a draft registration statement on Form S-1 with the Securities and Exchange Commission, saying the filing gives it the option to go public after the SEC completes its review.

“The number of shares to be offered and the price have not yet been set,” the company said in a blog post Monday. The proposed offering will depend on market conditions.

The valuation backdrop

Last week, Anthropic announced it raised $65 billion in a recent funding round, bringing its valuation to $965 billion. The company also said it is now booking annualized revenue of $47 billion from selling Claude subscriptions to businesses and individuals.

Anthropic’s valuation has soared this year, jumping from $380 billion in February to $965 billion in May, and it has struck deals with tech giants worth billions. The latest round topped OpenAI, which was valued at $852 billion in late March.

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The race against OpenAI and SpaceX

Anthropic is expected to be one of three trillion-dollar debuts on the stock market this year, along with Elon Musk’s rocket and AI venture SpaceX and OpenAI, maker of ChatGPT. SpaceX filed to go public in April and OpenAI is expected to do so soon.

OpenAI CEO Sam Altman said OpenAI will go public “when we think it makes sense” on CNBC Monday afternoon, denying that there is a race among AI companies to IPO first. “I think there is a race to deliver the best technology, build the best business, but you know, going public is a financing event, and I don’t think that’s one that we’re focused on the timing of,” Altman said.

Why the filing matters for traders

An IPO would provide the first concrete look at Anthropic’s financial data amid concerns about an AI bubble. Public filings would force disclosure of margins, compute costs, and customer concentration that have so far been hidden inside private rounds.

Anthropic’s surging growth has caused the company to sign a number of major infrastructure deals in recent months to increase its capacity. It struck an agreement with rival SpaceX last month to use available compute at its Colossus 1 data center in Memphis, Tennessee. As part of the deal, Anthropic will pay SpaceX $1.25 billion per month through May 2029, according to SpaceX’s prospectus. The agreement can be terminated by either company with 90 days of notice.

The political overhang

CEO Dario Amodei captured the nation’s attention a few months ago after refusing to allow the Defense Department to use Anthropic’s AI technology to power fully autonomous weapons and perform mass surveillance of Americans. President Trump later ordered government agencies to stop working with the AI company, canceling more than $200 million in federal contracts. Defense Secretary Pete Hegseth also labeled Anthropic “a supply chain risk to national security.”

While defense contractors dropped Anthropic to comply with the DOD’s order, the company’s growth in the private sector only accelerated, as more businesses adopted its models and AI coding tools.

Options market and stocks to watch

Watch for ripple effects across the AI complex as Anthropic moves toward a public listing:

AMZN: Amazon is Anthropic’s primary cloud backer. Anthropic said in April that it’s committing more than $100 billion to Amazon Web Services technology to train and run its popular Claude AI agent. Watch for AWS revenue commentary tied to the filing.

GOOGL: Google is another major Anthropic investor and cloud partner. Watch for valuation read-throughs to Alphabet’s AI stake.

MSFT: As OpenAI’s largest backer, Microsoft’s narrative could shift if Anthropic prints first and sets the comp. Watch for relative strength in AI-exposed mega caps.

NVDA: Anthropic’s capacity expansion and the broader IPO-fueled AI capex cycle keep Nvidia central. Watch for flow tied to data-center demand commentary.

CRM: Enterprise software names selling Claude-powered tools could see sentiment swings as Anthropic’s financials become public. Watch for other news on enterprise AI adoption rates.

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