Anthropic has submitted a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), initiating the process that could lead to a Wall Street listing. The company said the filing allows it to go public after the SEC completes its review, and that any planned IPO will depend on market conditions and other factors.
The submission was announced on Monday and starts a timeline that could result in a public debut within months.
Valuation and recent financing
Anthropic closed a $65 billion funding round last Thursday, which — excluding the fresh investment — left the company valued at roughly $900 billion. Investors in the round included institutional names such as Capital Group and Baillie Gifford, alongside venture capital firms and strategic partners. Several investors view this round as likely the company’s last private financing.
Market participants expect that any valuation established in an IPO could comfortably exceed $1 trillion. Over the past 15 months Anthropic’s valuation has increased more than fifteenfold; the March 2025 financing round had valued the company at about $60 billion at the time.
Revenue growth and products
Anthropic has seen explosive revenue growth. Its annualized revenue — the yearly estimate based on recent performance — has risen fivefold since the start of the year and exceeded $47 billion last month. The company primarily sells AI tools to enterprise customers, with notable offerings including the Claude Code programming model and the Claude Cowork AI assistant.
Anthropic’s Mythos model has raised concerns in governmental and financial circles because of its advanced cybersecurity capabilities, and the company is rolling the model out gradually to U.S. allies, including within the European Union.
Partnerships and compute capacity
The company has struck agreements with Google, Broadcomm and Amazon that could be worth hundreds of billions of dollars over the coming years for access to compute capacity. Last month Anthropic also agreed with SpaceX to lease two very large data centers; that arrangement could generate up to $15 billion in annual revenue for SpaceX.
AI giants heading to public markets — risks and questions
Anthropic’s potential listing, together with moves by OpenAI and SpaceX, could produce some of the largest IPOs ever, comparable to major past offerings. OpenAI was recently valued at $852 billion and may also file for an IPO soon; SpaceX published its IPO prospectus last month and is targeting a listing at a $1.75 trillion valuation in the coming weeks.
At the same time, investors must weigh that developing and operating large AI models is extremely capital- and energy-intensive. Private companies have raised hundreds of billions of dollars to fund compute and infrastructure, but these investments have so far often produced large losses. The forthcoming public listings will test how much demand public markets have for shares in AI companies.
The IPO process and disclosure
U.S. technology companies commonly file IPO documents confidentially, keeping financial details out of the public domain while the SEC reviews them. This approach lets startups gauge investor interest, adjust plans, or even withdraw a proposed offering without attracting broad public attention.
In sum, Anthropic’s SEC filing marks another significant step in the financing and potential public listing of AI businesses. Should the company proceed to an IPO and reach a valuation in the trillion-dollar range, it would reinforce continued capital flows into compute and infrastructure across the sector.
