Anthropic files for IPO at near-$1 trillion valuation

Anthropic, the AI lab behind the Claude model family, has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission. The company, valued at approximately $965 billion after a $65 billion Series H round co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners, has not yet disclosed the number of shares or pricing. The confidential filing allows Anthropic to prepare for its public debut without revealing detailed financials, risks, or internal governance. The move comes less than a week after the funding round and just months after Anthropic announced a $47 billion revenue run-rate, up from $9 billion at the end of 2025. The company’s growth has been fueled by enterprise adoption of Claude and anticipation around its next-generation Mythos model.

Anthropic’s IPO filing lands in an already white-hot public offering season. SpaceX is targeting a $2 trillion valuation with plans to raise over $75 billion, while OpenAI — Anthropic’s primary rival — is expected to file for its own IPO after raising $122 billion in March at an $852 billion valuation. The two AI labs will test the market’s appetite for artificial intelligence investments. Anthropic, once seen as an underdog founded by former OpenAI employees in 2021, has now secured top-tier enterprise customers and is preparing to release Mythos, a model that demonstrated thousands of high-severity bugs during previews. The company is also in talks to give the European Union’s cybersecurity agency early access to Mythos, signaling both its technical ambition and regulatory strategy. The IPO’s timing and final pricing remain dependent on market conditions.