By PYMNTS | June 1, 2026
Anthropic said it has confidentially filed for an initial public offering (IPO).
The artificial intelligence (AI) startup announced Monday (June 1) that it had submitted a draft registration statement to the Securities and Exchange Commission (SEC) about its IPO.
“This gives us the option to go public after the SEC completes its review,” the announcement said. “The proposed initial public offering will depend on market conditions and other factors.”
A report on the $1 trillion IPO by the Financial Times (FT) noted that the company’s plans set up a three-way race to go public between Anthropic, rival AI startup OpenAI and Elon Musk’s SpaceX. Taken together, they would represent three of the largest stock market listings ever.
Anthropic last week became the world’s most valuable AI startup after it raised $65 billion in a Series H funding round, giving the company a $965 billion post-money valuation.
The round included investments of $15 billion from hyperscalers, including a contribution of $5 billion from Amazon. As covered here in April, a valuation of more than $900 billion would have been enough to push Anthropic past OpenAI.
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The company’s value has soared in the last 12 months amid increased adoption of its product by enterprises: $380 billion reached in a February Series G funding round in which it raised $30 billion, and $183 billion in a Series F round last September in which it raised $13 billion.
As PYMNTS reported last month, demand for coding tools has been Anthropic’s chief growth driver. In the first quarter, Anthropic spent 71 cents on compute for each dollar of revenue. That ratio is expected to drop to 56 cents on the dollar in the current quarter.
However, Anthropic has warned it may not sustain profitability for the full year due to planned increases in infrastructure spending.
Meanwhile, OpenAI is also preparing for its IPO. As reported here in May, this comes as the company—which has 900 million weekly users—is seeing $25 billion in annualized revenue and projecting a $14 billion loss.
“Going public does not solve OpenAI’s spending problem,” PYMNTS wrote. “It may only make it more visible.”
That report added that CFO Sarah Friar has said the company is witnessing strong demand but not enough computing infrastructure to meet it, and that OpenAI may need to raise more money, just six weeks after closing a $122 billion funding round.
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