Anthropic Files S-1 for IPO at $965 Billion, Heating Up the Race with OpenAI
Anthropic, the creator of Claude, has taken another monumental step by confidentially submitting a Form S-1 to the SEC, paving the way for an IPO that could value the company at up to $965 billion.
Context
This move comes shortly after Anthropic closed a $65 billion Series H round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, reaching a post-money valuation of $965 billion. For the first time, Anthropic has surpassed OpenAI in private valuation.
Anthropic confidentially submitted a draft registration statement on Form S-1 to the SEC for a proposed initial public offering of our common stock. This gives us the option to go public after the SEC completes its review, the company stated.
IPO details
- Target valuation: ~$965 billion
- Prior round: $65 billion Series H
- Share count: Not yet determined
- Price: Not yet determined
- Timeline: Dependent on SEC review and market conditions
- Status: Confidential S-1 (Rule 135 of Securities Act)
The race with OpenAI
Anthropic's IPO intensifies the competition between the world's two largest AI companies. While OpenAI is seeking $40 billion in a new round at a ~$300 billion valuation, Anthropic already commands a higher private valuation and is racing to go public first.
The timing is significant: Anthropic, once seen as the runner-up in the AI market, now surpasses its rival in valuation and could become the first major native AI company to go public.
What to expect
- The confidential S-1 allows Anthropic to keep financial details private until the public launch
- The company will need to navigate regulatory scrutiny over AI safety
- The IPO could be one of the largest tech offerings of 2026
- A successful Anthropic IPO could further validate the generative AI sector
Implications: If realized, Anthropic's IPO will be a historic milestone for the AI industry — validating not only the company's business model but also demonstrating that AI safety can be a competitive advantage valued by the market.