Anthropic files IPO after $965B valuation

Anthropic filed confidential IPO plans after a $65 billion round lifted its valuation to $965 billion.

Anthropic said Monday it has filed confidential plans for an initial public offering, opening the door to one of the most watched tech listings in years. The filing comes after a recent $65 billion funding round pushed the company’s valuation to $965 billion and put it within reach of a trillion-dollar debut.

What changed

Anthropic submitted a confidential registration statement to the Securities and Exchange Commission for a proposed sale of common stock, but it has not disclosed the number of shares or the price range. That means investors still do not know the size of the offering or the timeline for pricing.

The move follows a sharp run-up in the company’s private market value this year. Anthropic’s valuation climbed from $380 billion in February to $965 billion in May, helped by a $65 billion round and large enterprise deals.

• Anthropic’s Claude Code became popular with software developers after launch last year.
• The company has expanded Claude into other business uses, including financial services.
• Anthropic said in April it would commit more than $100 billion to Amazon Web Services for training and inference.
• Ramp said more businesses used Anthropic than OpenAI for the first time in May.

The company is now one of several big AI names expected to test public markets, alongside OpenAI and SpaceX. Anthropic’s filing gives it a head start in a year that could bring multiple high-profile listings from private AI firms.

Why it matters

A public filing would force Anthropic to reveal financial details that private investors have not seen, including revenue mix and business performance by product line. That will matter to developers, customers, and rivals trying to judge whether demand is keeping pace with the company’s valuation.

The listing also lands as investors debate whether AI funding is running ahead of fundamentals. If Anthropic reaches the public market near a trillion-dollar value, it will become a test case for how much Wall Street is willing to pay for fast-growing AI infrastructure, coding tools, and enterprise software.

The bigger question is simple: is Anthropic filing because it is ready to scale as a public company, or because the market is still rewarding every top-tier AI story with near-unlimited capital?