Anthropic Targets October IPO at $965 Billion Valuation, Ahead of Rival OpenAI

SAN FRANCISCO — Anthropic is meeting with prospective investors for an initial public offering that could occur as early as October, with bankers organizing sessions between the company's executives and potential backers.

The company confidentially filed its IPO prospectus with the Securities and Exchange Commission last month. Goldman Sachs, Morgan Stanley and JPMorgan Chase are managing the offering.

Anthropic's valuation reached $965 billion in May following a $65 billion funding round, putting it above OpenAI, which held an $852 billion valuation at the time.

Founded in 2021 by executives and researchers who left OpenAI over concerns about its strategic direction, Anthropic has built its business around enterprise clients. Its primary revenue driver is Claude Code, an AI coding assistant that has fueled rapid growth.

Anthropic appears to be moving faster toward a public listing than OpenAI, which confidentially filed for an IPO with the SEC in June but has not disclosed a timeline. Going first could benefit Anthropic if investor appetite for AI names cools later in the year.

While a listing could happen in October, the timeline remains subject to market conditions and investor sentiment. The company has not publicly commented on the process.

The company confidentially filed its IPO prospectus with the Securities and Exchange Commission last month. Goldman Sachs, Morgan Stanley and JPMorgan Chase are managing the offering.

Anthropic's valuation reached $965 billion in May following a $65 billion funding round, putting it above OpenAI, which held an $852 billion valuation at the time.

While a listing could happen in October, the timeline remains subject to market conditions and investor sentiment. The company has not publicly commented on the process.