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Anthropic seeks public listing amid AI market frenzy
Artificial intelligence startup Anthropic has formally filed for an initial public offering (IPO) in the United States, setting the stage for a high-stakes debut that could test investor appetite for the sector's soaring valuations.
IPO details and market timing
The company, creator of the Claude chatbot, confirmed on Monday it had submitted paperwork to US regulators for a 2026 listing. Neither the share price nor the number of shares to be offered has been finalized.
Anthropic's move coincides with SpaceX's planned IPO, positioning both firms as potential bellwethers for how public markets will value generative AI companies. The simultaneous listings could mark the largest concentration of pre-IPO capital in history, according to analysts.
Valuation battle with OpenAI
Founded five years ago, Anthropic recently secured private funding at a valuation exceeding $965 billion-surpassing OpenAI's latest $852 billion valuation. The two firms, once collaborators, have become fierce competitors, vying for dominance in AI development and corporate adoption.
OpenAI CEO Sam Altman told CNBC on Monday that his company also intends to go public but has no immediate timeline. "We'll do it when it makes sense," he said.
Investor scrutiny and risks
Analysts warn that Anthropic's IPO will face unprecedented scrutiny, with investors closely examining its profitability, sales growth, and cost structures. Tineke Frikkee, a senior fund manager at W1M, said she would prioritize reviewing the company's financials in its prospectus to assess its earnings.
"No doubt it'll be a multi-hundred-page document, but that's what we'll be looking for,"
Tineke Frikkee, W1M
Sana Kharegani, chief strategy officer at Era 4, described Anthropic's decision to go public ahead of OpenAI as a "risk," noting it could set a precedent for how AI firms are evaluated. "If things don't go as planned, you're leaving the door open for others to challenge you," she said.
Troy Hooper of Mergermarket countered that being first to market could be advantageous, allowing Anthropic to shape how generative AI is valued by investors.
Regulatory and political challenges
Anthropic's path to the IPO has not been without controversy. The company is currently locked in a legal dispute with the US Department of Defense over a $200 million contract. The Pentagon's proposed terms included language permitting "any lawful use" of Claude, raising concerns about potential applications in mass surveillance or autonomous weapons.
Former President Donald Trump publicly cut ties with Anthropic, and Defense Secretary Pete Hegseth barred US agencies from using its technology. Despite the fallout, the White House has recently signaled a thaw in tensions, though the lawsuit remains unresolved.
Profitability and growth outlook
Anthropic has told investors it expects to turn profitable in the first half of 2026, citing strong demand for its Claude product and related services. The company's ability to deliver on these projections will be critical as it prepares to face public market investors.
Harrison Rolfes, a research analyst at PitchBook, framed the IPO window as a pivotal moment for tech, comparing it to the dot-com era. "This could either be the most consequential IPO cycle since then or the most expensive lesson in narrative versus fundamentals," he said.
