Anthropic Files for IPO, Targeting Record $965 Billion Valuation

Anthropic, the AI lab behind Claude, filed confidential paperwork for an initial public offering on Monday, positioning itself for what could be the largest IPO ever with a potential valuation of $965 billion. The company announced the filing via a brief blog post, noting the amount to raise and valuation are not yet set. This move comes days after a $65 billion fundraising round and amid a race among AI labs—OpenAI targets an IPO as soon as September, and SpaceX (owning xAI) filed in April seeking a $1.75 trillion valuation. Anthropic’s annualized revenue reached $47 billion, but spending on cloud computing and talent has kept it in the red.

Anthropic’s IPO could create a wave of wealth in San Francisco, with employees cashing out shares. However, its unique governance as a public benefit corporation with a Long-Term Benefit Trust may complicate the process. While its code-writing model Claude Code is considered best-in-class, the company has suffered a blow: U.S. Defense Secretary Pete Hegseth sanctioned Anthropic under supply-chain laws, banning Claude from military and federal agencies due to the company's refusal to allow unsupervised use in weapons targeting or mass surveillance. Anthropic is suing to overturn the ban, which could cost billions in lost sales.