Anthropic is an AI company. The AI firm behind the popular Claude model confidentially filed documents with the U.S. Securities and Exchange Commission (SEC) for an official IPO last Monday. The market debut is expected to push the company’s valuation above $1 trillion, initiating major competition with OpenAI and SpaceX.
Although the company has not disclosed the size or details of the share offering, Anthropic recently raised funds in late May with a post-money valuation reaching $965 billion, nearly hitting the $1 trillion mark. This valuation surpasses OpenAI’s current estimated valuation of around $852 billion.
Anthropic’s market entry is seen as potentially one of the most influential IPOs in recent years, possibly reshaping the structure of the U.S. stock market in terms of indices, capital flows, and the redefinition of technology companies in the AI era.
Previously, OpenAI also prepared a confidential IPO filing expected within weeks, while Elon Musk’s SpaceX recently submitted a massive filing with a potential offering value of up to $75 billion, at a company valuation of approximately $1.75 trillion, possibly starting trading within weeks.
The "Confidential Submission" filing allows companies to prepare for a stock market debut without initially disclosing financial data publicly, reducing competitive risks and market pressure. Some analysts view Anthropic’s IPO filing shortly after SpaceX as timely, given investors’ strong ongoing interest in AI and growth stocks.
Anthropic has grown rapidly in 2026, with its valuation more than doubling from $380 billion in February following a new $30 billion funding round.
The company’s momentum has even unsettled the stock market, especially software and IT shares, as investors worry that Anthropic’s autonomous or agentic AI models, such as Claude Code and Cowork, might disrupt traditional business models faster than expected.
Over the past two years, OpenAI and Anthropic have become emblematic of the AI boom reshaping corporate strategies worldwide, sparking one of the largest competitions in history for computing power, talent, and investment capital.
This filing also gives Anthropic a chance to go public before OpenAI, potentially attracting broader investor interest and capital. Meanwhile, reports indicate OpenAI is preparing a similar confidential filing, targeting a stock market debut in early Q4 this year.
Throughout the past year, Anthropic and OpenAI have fiercely competed by continuously launching new AI models aimed at expanding AI capabilities to cover professional tasks ranging from coding and financial services to healthcare, with the goal of attracting enterprise clients and justifying massive valuations.
While Anthropic has generated buzz with an 80-fold increase in annualized revenue, OpenAI is undergoing product and executive restructuring and faces questions about its growth rate after reports that it missed some revenue and user targets.
Anthropic faces some risks, currently involved in legal disputes with the U.S. government after the Department of Defense labeled it a “supply chain risk,” a status typically reserved for companies from geopolitical rival nations.
Nonetheless, the company has reassured investors by forecasting Q2 revenues as high as $10.9 billion, more than doubling the previous quarter, and is on track for its first profitable quarter.
Additionally, Anthropic informed investors that its annualized run-rate revenue is expected to exceed $50 billion by the end of next month, up from just $4 billion in July of last year, reflecting strong business growth momentum.
Many analysts believe the capital markets are entering a major competition phase as SpaceX, OpenAI, and Anthropic all seek massive funding in a short timeframe, testing investor appetite for AI companies still burning significant cash.
These companies are racing to go public before Wall Street liquidity tightens, while simultaneously setting new standards for how frontier AI firms report earnings and are valued, aligned with new AI business models. If Anthropic lists near a $1 trillion valuation, it would immediately join the top tier of the S&P 500 alongside the world’s leading tech giants.
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