Anthropic, the AI company led by Dario and Daniela Amodei and one of OpenAI's main rivals, confidentially submitted its IPO prospectus to the U.S. Securities and Exchange Commission (SEC) in June. Market observers say the offering will be an important test of investor appetite for artificial intelligence companies.
Product positioning and market traction
Over the past years Anthropic has built a growing user base. Its best-known product is the Claude chatbot; this year the company pushed forward with Claude Code, a model targeting autonomous coding tasks, after which a number of technology firms began favoring Anthropic's models.
Financial performance
Anthropic's reported figures show rapid revenue growth. Revenue for 2025 approached $4.6 billion, up from $386 million the previous year. In the third quarter of 2026 the company reported $16.8 billion in revenue and said it was profitable on an adjusted basis.
Valuation estimates vary. Based on the submitted filing, Aswath Damodaran, professor at New York University, estimated the total equity value at about $1,475 billion, a figure that differs from valuation ranges previously discussed in connection with the IPO.
Competition with OpenAI and market implications
Anthropic's move to go public could open a new chapter in the competition with OpenAI. OpenAI has postponed its own IPO until next year amid recent debates around AI safety and governance, making Anthropic's potential listing an early barometer of investor demand for AI-focused stocks. Analysts expect the size and outcome of the offering to serve as a reference point for other companies preparing to list.
Online interest as reflected in Google Trends
Google Trends data show that since the summer interest in the "Anthropic IPO" has exceeded interest in the "OpenAI IPO." Both search terms spiked in early June when Anthropic filed confidentially, but Anthropic has maintained stronger search interest through the summer months.
Regionally, Anthropic has led in search interest across much of North America, Australia and Europe, while OpenAI dominated searches in parts of Latin America and India. In Hungary, interest in Anthropic peaked in April when the company unveiled the Claude Mythos Preview model; it rose again in October during the IPO news. In the past week, for the first time, Anthropic surpassed OpenAI in Hungarian search volume.
Search patterns also indicate that users are primarily interested in the chatbots themselves rather than the corporate entities. Over the last month the keyword "Claude" consistently drew much higher interest than the company name "Anthropic," peaking at the end of the month.
Implications
Anthropic's IPO could shape both the company's financial future and broader investor sentiment toward the AI sector. Its performance on the market may influence how investors and other technology companies price and approach upcoming public listings.
This article is not investment advice or a recommendation.
