Anthropic on Monday submitted a confidential IPO prospectus to the Securities and Exchange Commission, kicking off a process that could end with one of the biggest public listings in market history.
"This gives us the option to go public after the SEC completes its review," Anthropic said in a statement. "The proposed initial public offering will depend on market conditions and other factors." The number of shares to be offered and a price have not yet been set, the company said.
The filing comes as Anthropic, which makes the increasingly popular Claude AI chatbot, has seen a surge in demand for its AI products. A revenue run rate of $47 billion, disclosed by the company in May, marked a dramatic jump from the $10 billion in annual revenue it posted the prior year. A $65 billion fundraising round completed last week put Anthropic's valuation at $965 billion, edging out ChatGPT maker OpenAI, whose most recent valuation stood at $852 billion as of late March.
Anthropic's flagship products are built on its Claude family of AI models, which underpin tools like the coding assistant Claude Code. A new model released this year, Claude Mythos Preview, generated significant interest in financial and government circles; the model, which carries advanced cybersecurity capabilities, was made available to select companies through a program Anthropic calls Project Glasswing.
OpenAI, Anthropic's long-standing competitor, is also working toward a Wall Street debut, with reports indicating it plans to submit its own confidential filing in the coming weeks and aims to list before year's end. SpaceX, meanwhile, has moved further along in the process, with its prospectus already filed and an investor roadshow scheduled this week ahead of a planned market debut. The three offerings could rank among the biggest public listings ever.
Anthropic was founded in 2021 by a group of executives and researchers who left OpenAI. The company reported its first quarterly profit earlier this year and has been expanding its enterprise business as corporate demand for AI coding and automation tools has grown.