Anthropic has moved ahead of OpenAI in the closely watched race among leading artificial intelligence companies to reach public markets first, a development that underscores the intensifying competition between two of the most influential players in the global A.I. industry as both prepare for landmark stock market debuts.The confidential filing places Anthropic in an early lead over OpenAI in what has become a defining corporate contest in Silicon Valley, where timing the path to public markets is now seen as a strategic advantage in shaping investor expectations, regulatory scrutiny, and the broader narrative around the commercialization of artificial intelligence.
Anthropic has confidentially filed for a U.S. initial public offering, positioning itself ahead of OpenAI in a race that could reshape the capital markets landscape for artificial intelligence companies.
The startup, whose products include the agentic coding assistant Claude Code, disclosed the filing Monday but did not reveal the size or terms of the offering. Anthropic was last valued at close to $1 trillion ($965 billion) in a late-May funding round, surpassing OpenAI and placing it among the world’s most valuable private companies.
The filing marks the latest step in what is shaping up to be a landmark year for equity issuance, with some of the largest technology companies ever to seek public listings competing for investor capital. Anthropic’s move follows SpaceX’s planned $75 billion offering at a $1.75 trillion valuation, while OpenAI is also preparing to confidentially file for an IPO in the coming weeks, according to a person familiar with the matter.
Confidential filings allow companies to advance listing plans without publicly disclosing financial details during the early stages of the process.
Anthropic and OpenAI have emerged as the dominant players in generative AI, attracting billions of dollars in funding as companies race to deploy increasingly capable models across industries.
“OpenAI and Anthropic are in a race to go public before capital runs out,” D.A. Davidson analyst Gil Luria said.
“The other reason for Anthropic to try to beat OpenAI out to the public market is that they will get to set the agenda for how a frontier model reports financials and do so in a way that is favorable to their financial model.”
Anthropic’s valuation has more than doubled from $380 billion in February, when it raised $30 billion. The company’s rapid ascent has fueled debate across financial markets about the economic impact of increasingly autonomous AI systems and the pace of disruption facing software and information technology companies.
Its latest financing round attracted investors including Blackstone, Brookfield, D1 Capital Partners, GIC, General Catalyst and Insight Partners.
The IPO would rank among the most consequential stock market debuts in recent years. At a valuation approaching $1 trillion, Anthropic would enter public markets as one of the largest companies in the S&P 500, potentially influencing benchmark allocations, fund flows and broader market sentiment.
“The combined demand for capital from SpaceX, OpenAI and Anthropic will be so considerable that it is likely to create disruptions in the capital markets, so going early will be a great advantage,” Luria said.
While a listing of that size would provide a major boost to the U.S. IPO market, bankers and investors have cautioned that it could absorb liquidity that might otherwise flow into smaller offerings.
The IPO market has regained momentum in recent weeks. Companies raised $87.5 billion through May 26, the highest year-to-date total since 2021, according to Dealogic. Additional large listings expected this week include Honeywell-backed quantum computing company Quantinuum, Blackstone-backed Liftoff and gas-engine manufacturer Innio.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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