Anthropic, the AI company behind Claude, filed confidentially for an initial public offering on Monday, setting the stage for what could be one of the biggest stock market debuts in years.

The San Francisco-based lab submitted a draft registration statement to the U.S. Securities and Exchange Commission. No share count or price. 

The filing comes less than a week after Anthropic closed a massive $65 billion Series H funding round. It effectively pushed its valuation to $965 billion. 

That’s nearly a trillion dollars for a company that didn’t exist five years ago.

Confidential Filing

A confidential IPO filing isn’t a public announcement but more like a rehearsal. Anthropic gets to review the process privately, without the public picking apart its financial details.

If the company decides to move forward, it will then file a full S-1 document. 

That public filing will lay out everything: revenue figures, legal risks, ownership structure, and who holds the most voting power.

For now, Anthropic says the IPO will depend on market conditions and other factors. In other words, nothing is guaranteed yet.

“Anthropic said recently that its revenue run-rate had surpassed $47 billion, up from $9 billion at the end of 2025.”

Growth Story

At the end of 2025, the company’s annualized revenue run-rate stood at $9 billion. By 2026, that figure had shot past $47 billion. 

Anthropic has focused heavily on enterprise customers: big businesses that need reliable, powerful AI tools. 

That strategy paid off; the company attracted a who’s-who of top-tier investors in its Series H round, including Sequoia Capital, Altimeter Capital, Dragoneer, Greenoaks, Capital Group, Coatue, and D1 Capital Partners.

Revenue could grow even faster once Anthropic releases its Mythos model more widely. The company previewed Mythos in April 2026 but kept access tightly restricted. 

The model had flagged thousands of high-severity software bugs that needed fixing before it could go public. 

Also read: The NSA Is Using Anthropic’s Mythos While Being a Security Risk

IPO Season 

Anthropic isn’t the only tech giant eyeing Wall Street right now. SpaceX is also in the middle of a high-profile IPO process, targeting a $2 trillion valuation and looking to raise more than $75 billion.

Then there’s OpenAI. Anthropic’s biggest rival has been on its own fundraising tear, pulling in a $122 billion round in March 2026 at an $852 billion valuation. 

OpenAI is also expected to file for an IPO soon. Two of the world’s most powerful AI labs are both racing to go public at roughly the same time.

Investors will have to choose, or try to buy into both.

OpenAI Spin-Off

It wasn’t long ago that Anthropic was seen as the underdog. The company was founded in 2021 by Dario Amodei, Daniela Amodei, and other former OpenAI employees. 

For years, many in the industry viewed it as a distant second to OpenAI and its flagship product, ChatGPT.

That view has aged poorly. Anthropic’s Claude models have earned a strong reputation for safety, reliability, and capability. 

Enterprise customers, the kind that pay big, recurring fees, have taken notice. There’s also news on the international front. 

On Monday morning, Bloomberg reported that Anthropic plans to give the European Union’s cybersecurity agency access to its Mythos model.