Anthropic has filed confidential paperwork with the U.S. Securities and Exchange Commission to go public, moving ahead of rival OpenAI in the race to reach public markets. The company said it has not yet determined how many shares it will offer or what price the stock will be, and noted that any initial public offering will depend on SEC review, market conditions and other factors.
The filing comes only days after Anthropic disclosed a major funding round that raised $65 billion at a valuation of $965 billion. That valuation put the artificial intelligence startup ahead of OpenAI, which was last valued at $852 billion in March. The new funding and the IPO filing underscore Anthropic’s rapid rise and the intensifying competition among leading AI companies for scale, revenue and investor attention.
Much of Anthropic’s momentum has come from its enterprise business, especially Claude Code, its coding software for businesses and developers. During 2026, the company expanded its product lineup with new offerings such as Claude for Small Business and recently introduced its newest flagship model, Claude Opus 4.8. Anthropic said its annual revenue run rate reached more than $47 billion at the beginning of May, up sharply from $30 billion in April and well above the $9 billion run rate reported last year.
The company’s push toward a public listing comes amid a broader race among major private technology firms to access the capital markets. Anthropic is now among the most closely watched potential listings of the year, alongside SpaceX, which filed paperwork to go public last month. Investors are tracking these developments as large AI and aerospace companies consider public-market debuts that could become defining events for the technology sector.
Chief executive Dario Amodei has sought to distinguish Anthropic from OpenAI by presenting the company as more focused on safety and responsible deployment of artificial intelligence. In April, Anthropic said it withheld its latest model, Claude Mythos Preview, because of concerns that it was unusually capable of hacking into software even though it was not built for that purpose. The company also announced a cybersecurity partnership with Amazon, Apple and Microsoft, giving those companies access to Mythos so they could identify and patch possible vulnerabilities before malicious actors could exploit them.
That safety-first posture has also led to tension with the Trump administration. President Trump previously threatened to ban Anthropic’s software from government agencies after Amodei said he would not permit the Pentagon to use it for mass surveillance of Americans or for fully autonomous weapons. Defense Secretary Pete Hegseth later designated Anthropic as a supply chain risk, and the company has filed suit seeking to overturn that designation.
Anthropic’s filing marks an important step in what could become one of the most closely watched technology IPOs in years, as the company balances fast growth, enterprise demand, and an increasingly prominent debate over AI safety and national security.
