Anthropic Submits Confidential S-1 Filing for IPO

Anthropic has confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering, the company announced. The Anthropic confidential S-1 filing sets the stage for the Claude maker to go public once regulators finish reviewing the paperwork, putting one of the world's most valuable AI startups on a path to Wall Street.

According to Anthropic's statement, the filing "gives us the option to go public after the SEC completes its review." The company stressed that any offering will hinge on market conditions and other factors, and that it has not yet decided how many shares to sell or at what price.

What the Filing Means for the AI IPO Race

Anthropic disclosed the move just days after closing a $65 billion Series H round that pushed its valuation to $965 billion, a figure that ranks the five-year-old startup among the most valuable private companies in the world.

That valuation also vaults Anthropic ahead of rival OpenAI, which last reported in March it was heading toward an $852 billion valuation and has not yet disclosed any IPO paperwork. Notre Dame law professor Patrick Corrigan, who studies IPOs, told the Associated Press the sequence caught him off guard. "I think we were all expecting OpenAI to go first, so it was a little bit surprising," he said, pointing to a possible first-mover advantage as public investors size up the two companies side by side.

Anthropic was founded in 2021 by former OpenAI leaders. It now reports annualized revenue of $47 billion, driven largely by customers using Claude to write code and handle other professional and personal tasks.

Why a Confidential Filing, and What Comes Next

Confidential draft submissions are a common first step for large companies testing the IPO waters. The approach lets a company work through the SEC's review privately before any financial details reach the public, which keeps the disclosures investors care about most under wraps for now.

The move arrives as Anthropic, OpenAI, and Elon Musk's SpaceX are all expected to head toward public markets, a cluster of debuts that some analysts say could reopen a sluggish IPO market. It also draws scrutiny. The Claude creator IPO conversation sits alongside broader worries about an AI bubble, since these companies have been losing more than they earn even as their valuations climb.

For readers tracking the sector, the next signal to watch is the public S-1, which would reveal Anthropic's full financials, business model, and risk factors for the first time. Until then, the draft S-1 confirms intent without committing to a date. The floodgates may be opening, but the price tag is still a question mark.