Anthropic confidentially filed its initial public offering prospectus with the Securities and Exchange Commission on Monday, positioning the AI model developer for a public debut in coming months.
The filing does not commit Anthropic to a specific timeline. The company must deliver its official prospectus to potential investors at least 15 days before it begins a roadshow, and the IPO's timing will depend on market conditions.
Anthropics's $965 billion valuation, set in a funding round finalized last week, exceeds OpenAI's $852 billion valuation from late March. The company has become a rare bright spot in the AI sector after reporting explosive growth: its revenue run rate reached $47 billion in May, up from $10 billion in annual revenue last year.
Anthropics was established in 2021 by executives and researchers who left OpenAI over strategic differences. The company is known for its Claude family of AI models, including Claude Code for software development.
A significant headwind has become an unexpected advantage for the company. The Pentagon blacklisted Anthropic's models earlier this year after negotiations failed, prompting defense contractors to stop using its tools. Yet private-sector adoption accelerated during this period. Claude rose to the No. 1 position on Apple's chart of top U.S. free applications in late February. President Donald Trump told CNBC in April that a resolution between Anthropic and the Department of Defense remains possible. Anthropic has filed a lawsuit to overturn the blacklisting, with litigation ongoing.
Anthropic's rapid growth has driven major infrastructure deals in recent months to expand operational capacity. The company also drew attention in Washington this year with its Claude Mythos Preview model, featuring advanced cybersecurity capabilities. Anthropic provided the model to select businesses as part of a cybersecurity initiative and discussed its functionalities with senior members of the Trump administration.
