Anthropic files confidential IPO ahead of OpenAI, eyes

Anthropic submitted a confidential prospectus to the SEC on June 1, becoming the first major AI startup to formally seek a public listing before OpenAI [2]. The filing, which does not lock the company into a specific timeline, gives Anthropic the option to go public once the SEC review is complete, while the exact share count and price remain undecided [1].

The move follows a recent $65 billion funding round that lifted Anthropic’s valuation to $965 billion, surpassing OpenAI’s $852 billion valuation reported in late March [2]. Revenue has surged to a $47 billion annual run‑rate, up from $10 billion a year earlier, driven by rapid adoption of its Claude models in both enterprise and consumer markets [2]. Anthropic’s growth has been bolstered by a $1.25 billion‑per‑month compute deal with SpaceX, securing capacity at the Colossus 1 data center through May 2029 [2].

Analysts see the timing as crucial. Being first to market could give Anthropic a financing edge, as both firms are expected to chase tens of billions in new capital after going public [1]. Historical precedent—Lyft’s stronger debut after beating Uber—suggests early entrants may enjoy better post‑IPO performance [1]. Moreover, public equity is viewed as the cheapest source of funding amid rising interest rates, a factor that could accelerate the “floodgates” for AI IPOs, according to Wedbush’s Dan Ives [1].

OpenAI, which began as a nonprofit in 2015, has not yet filed its own prospectus, though it plans an IPO as early as this fall [3]. The rivalry between the two firms, both founded by former OpenAI staff, adds a personal dimension: Anthropic’s CEO Dario Amodei, a former OpenAI researcher, already holds a $7 billion stake [1]. As both companies vie for dominance in a market where building and maintaining AI models demands trillions of dollars in capital, the outcome of their public offerings could shape the pace of AI investment and the broader tech landscape.

If Anthropic’s IPO proceeds before OpenAI’s, the company could capture a larger share of the capital flowing into AI, potentially setting a benchmark for future AI listings. The open question remains whether the market can sustain such massive valuations without triggering a correction in the fast‑growing AI sector.