Anthropic IPO

Anthropic Prepares to Go Public

AI behemoth Anthropic has filed for a US initial public offering (IPO), setting up what could become one of the largest stock market debuts on record. Investors expect a valuation north of $1 trillion. That would place it alongside the biggest companies in the S&P 500 stock index on day one.

The filing is confidential, meaning the financials stay under wraps while regulators review the documents. That gives Anthropic time to test investor demand and adjust pricing.

Going public is a delicate dance: Anthropic will want to maximize its valuation and the amount it raises while ensuring the IPO is a success. If the shares are priced too high, they could tank on the first day of trading.

Revenues Are Climbing at Speed

The costs of developing and deploying AI are huge, and most companies in the field, including Anthropic’s archenemy, OpenAI, are still loss-making. Anthropic’s financials explain the hype:

• Annualized revenue was at $47bn in May, up from about $9bn late last year
• Valuation rose from roughly $60bn in March 2025 to over $900bn in the latest funding round in May.
• It’s expected to post its first operating profit for the March-June quarter, with over 300,000 enterprise customers bringing in money.

Annualized here means taking recent weekly revenue and projecting it over a year. This number flatters fast-growing companies, but the jump is still striking.

So, How Does a Company Go Public?

Listing a company on a stock exchange is a long and bureaucratic process that usually requires a small army of investment bankers, lawyers, and regulators.

• Company hires banks (like Goldman Sachs or JPMorgan): they act as underwriters and recommend a price range.
• Lawyers + accountants prepare audited financials and disclosures.
• Prospectus is filed: A public document (known as S-1 in the US) reveals financials, risks, and business details.
• Regulators (SEC in the US) scrutinize filings, ask questions, and request revisions.
• Roadshow: executives pitch the business to large investors (fund managers, pensions).
• Bookbuilding: banks collect investor demand to set the final IPO price.
• Listing day: shares begin trading on an exchange like the NYSE or Nasdaq.

The prospectus will help you get the full picture before committing money.

Mythos Expands AI’s Reach

Anthropic’s cybersecurity-focused model, Claude Mythos, freaked out markets, decision-makers, and regulators in April. It can simulate attacks and test how systems respond under pressure.

It has already discovered over 23,000 bugs and other vulnerabilities across a thousand open-source programs, and likely many more in closed projects. While this model could be very profitable for Anthropic, it can also be easily exploited in the wrong hands.

Anthropic has not released the model to the public for security reasons, but it’s gradually expanding the network of organizations invited to use Mythos through Project Glasswing. It already has about 200 partners, including big tech and banks.

Rivals Nipping at the Heels

Anthropic is not alone in attempting to go public. OpenAI is also preparing an IPO, among other rivals. The first pure-AI listing of the year will give investors a reference point. Pricing, margins, and growth expectations set a baseline for the rest of the sector.

Going early may be advantageous because 2026 is a busy year for new listings.

• Goldman Sachs expects IPO proceeds to quadruple in the US market this year to a record of $160B
• The number of American IPOs is set to double year-on-year to 120

Even strong demand at the height of the AI boom has limits. Large deals must compete for the same institutional capital, which is in limited supply.