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Anthropic submitted a draft S-1 to the Securities and Exchange Commission (SEC), taking a major step toward a potential initial public offering (IPO) and setting up a direct race with rival OpenAI to reach public markets.

The AI company said it had submitted a confidential registration statement to the U.S. SEC, which “gives us the option to go public after the SEC completes its review.” Anthropic said it has not yet decided the number of shares or the offering price and will determine whether to proceed with the IPO based on market conditions and other factors.

Follows a $65 billion funding round: The filing comes just days after Anthropic raised $65 billion in a Series H funding round that valued the company at $965 billion. Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue and D1 Capital Partners participated in the funding round.

Founded in 2021 by former OpenAI employees, Anthropic has emerged as one of the biggest AI firms, driven by the success of its Claude models and its coding-focused products. The company recently said its annualised revenue run rate crossed $47 billion, up from about $9 billion at the end of 2025, driven largely by demand for AI coding tools and enterprise services.

A confidential filing allows a company to prepare for an IPO without immediately disclosing detailed financial information, risks and ownership structures. Those details are typically made public later through an S-1 filing.

Anthropic CEO Dario Amodei has repeatedly argued that advanced AI systems could transform society while also posing significant risks, making AI safety a central part of the company’s public positioning.

Race with OpenAI and SpaceX: Anthropic’s move comes as other AI and technology giants also prepare to tap public markets or raise fresh capital. OpenAI, which was last valued at about $852 billion following a $122 billion funding round in March, is reportedly preparing to file for an IPO. Meanwhile, SpaceX is pursuing a public offering that could value the company at around $1.75 trillion to $2 trillion and raise more than $75 billion.

Why AI firms are seeking more capital: Industry analysts say these companies are seeking vast amounts of capital to fund the expensive computing infrastructure needed to train and run increasingly powerful AI models. A public listing would also broaden investor access while giving early shareholders and employees a path to monetise their holdings.

If Anthropic completes its IPO, it could result in one of the largest technology listings in history and test investor appetite for the trillion-dollar valuations of leading AI firms.

Read more:

• Anthropic signs AI compute deal with Google & Broadcom as it surpasses OpenAI’s revenue
• Anthropic Accuses Chinese AI Firms Of Industrial-Scale Distillation Attacks on Claude
• US Pentagon Pressures Anthropic to Lift AI Guardrails: What Does It Mean For AI Governance?