Anthropic Confidentially Files for IPO, Racing OpenAI to Wall Street as Soon as This Fall

The filing puts Anthropic in a direct race with OpenAI, its longest-standing rival in the frontier AI space, to be the first major AI lab to reach the public markets. OpenAI raised $122 billion in March at an $852 billion valuation and has also been laying the groundwork for an eventual public offering. Which company crosses the finish line first will likely carry significant symbolic weight in an industry where perception of leadership shapes enterprise purchasing decisions, talent recruitment, and investor confidence.

Anthropic’s run rate revenue crossed $47 billion earlier this month, driven by strong enterprise adoption of Claude Code and the broader Claude model family. The Wall Street Journal has reported that the company expects a 130% revenue surge that would carry it to its first operating profit, giving it the kind of financial narrative that public market investors typically find compelling.

A confidential filing allows Anthropic to begin the formal IPO process while keeping sensitive financial details out of public view until closer to the offering date. Final timing, share count, and pricing will be determined as the process advances.