Anthropic, The AI company behind the popular Claude model filed confidential documents with the U.S. Securities and Exchange Commission (SEC) to officially propose an IPO last Monday. This market entry is expected to push the company's valuation beyond $1 trillion, igniting a major competition with OpenAI and SpaceX.
Although the company has not yet disclosed the size or specifics of this share offering, Anthropic recently completed a funding round in late May with a post-money valuation reaching $965 billion, nearly hitting the $1 trillion mark, surpassing OpenAI's valuation of approximately $852 billion.
Anthropic's market debut is viewed as potentially one of the most influential IPOs in recent years, with the capacity to reshape the structure of the U.S. stock market in terms of indexes, capital flows, and the redefinition of a technology company in the AI era.
Previously, OpenAI also prepared to file confidential IPO documents within the next few weeks, while Elon Musk's SpaceX recently submitted a massive filing with a potential offering value of up to $75 billion, valuing the company around $1.75 trillion, and may begin trading within weeks.
Filing under “Confidential Submission” allows companies to prepare for a public listing without initially disclosing financial details publicly, reducing competitive risks and market pressure. Some analysts view Anthropic's IPO filing shortly after SpaceX as well-timed, given sustained investor interest in AI stocks and growth equities.
Anthropic experienced rapid growth in 2026, more than doubling its valuation from $380 billion in February after a new $30 billion funding round.
The company's momentum has even stirred the stock market, especially software and IT stocks, as investors worry that Anthropic's autonomous or agentic AI products like Claude Code and Cowork could disrupt traditional business models sooner than expected.
Over the past two years, OpenAI and Anthropic have become symbols of the AI boom reshaping global corporate strategies, sparking one of the largest competitions for computing power, talent, and investment in tech history.
This filing gives Anthropic the chance to enter the market before OpenAI, potentially attracting broader investor attention and capital. Earlier reports indicate OpenAI is also preparing a confidential filing, aiming for a stock market debut in early Q4 of this year.
Throughout the past year, Anthropic and OpenAI have fiercely competed by continuously launching new AI models to expand AI capabilities for professional tasks, ranging from coding and financial services to healthcare, targeting enterprise clients and justifying massive valuations.
While Anthropic has generated buzz with annualized revenue growth reportedly increasing 80-fold, OpenAI is currently restructuring its product lines and management team amid doubts over growth rates, with reports indicating the company missed some revenue and user targets.
Anthropic also faces certain risks, currently engaged in legal disputes with the U.S. government after being classified by the Department of Defense as a “supply chain risk,” a designation typically reserved for companies from geopolitical rivals.
Nevertheless, the company has reassured investors by projecting Q2 revenues of $10.9 billion, more than doubling from the prior quarter, and is on track for its first profitable quarter.
Furthermore, Anthropic informed investors that its annualized run rate revenue—the projection of full-year sales based on short-term performance—is expected to surpass $50 billion by the end of next month, up from just $4 billion in July last year.
Analysts widely view the capital markets as entering a major competition phase, with SpaceX, OpenAI, and Anthropic all seeking massive funding within a similar timeframe, testing investor appetite for AI companies still burning substantial cash.
These companies are racing to enter the market before Wall Street liquidity tightens, while simultaneously attempting to set new standards for how frontier AI firms report earnings and value themselves to fit the new AI business model. Should Anthropic debut near a $1 trillion valuation, it would immediately rank among the top-tier companies in the S&P 500, alongside the current tech giants dominating global stock markets.
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