Artificial intelligence (AI)company Anthropic has confidentially filed for an initial public offering (IPO) in the United States, becoming the first among the new generation of AI leaders to formally move toward a stock market debut.
The filing marks a significant moment for the artificial intelligence industry and is expected to test whether the strong investor enthusiasm that has driven AI companies to extraordinary private-market valuations can be sustained in public markets. The offering could also help establish valuation benchmarks for the rapidly evolving sector.
Anthropic, the company behind the -driven coding assistant Claude Code, has not revealed the details or size of its proposed IPO. The firm was last valued at $965 billion after completing a $65 billion funding round in late May, surpassing its competitor, OpenAI, according to reports.
Market participants consider this potential listing one of the most significant technology IPOs in recent years, with the potential to affect benchmark indices, investor allocations, and the overarching investment narrative around artificial intelligence.
The decision also comes amid a wider resurgence in the US IPO market. Reports indicate that OpenAI is preparing to file its own confidential submission, while SpaceX is exploring a potential major public offering that could raise approximately $75 billion at a valuation of $1.75 trillion, paving the way for a series of notable technology listings.
Anthropic IPO plans test if AI valuations can withstand markets
Viram Shah, CEO and Founder of Vested Finance, said Anthropic’s confidential IPO filing represents a significant milestone for both the company and the broader artificial intelligence industry, as it signals the beginning of greater public-market participation in frontier AI companies.
According to Shah, some of the biggest AI investment opportunities have so far remained confined to private funding rounds accessible primarily to large institutions. A potential public listing would gradually open the sector to a wider pool of investors.
He noted that Anthropic’s growth has been exceptional, with its revenue run rate reportedly increasing from around $10 billion to nearly $47 billion within a year. Such expansion is rare for a company of its size and has helped propel it ahead of OpenAI in valuation, placing it among a select group of highly anticipated technology listings alongside SpaceX and OpenAI.
However, Shah cautioned that investors should carefully assess valuation expectations. The widely discussed $965 billion valuation reflects the company’s latest private funding round and does not necessarily indicate where a future IPO would be priced. While Anthropic’s growth story is compelling, the company continues to face substantial computing costs and operates with relatively thin margins, making the debate around whether AI valuations are justified or excessive increasingly relevant.
For Indian investors, Shah believes the biggest implication is improved access to the AI investment theme. Currently, most investors gain indirect exposure through companies such as , Microsoft and Alphabet via overseas investment routes. A direct listing would provide a more focused way to participate in AI’s growth, though retail investors are more likely to gain exposure through secondary-market purchases after listing than through allocations.
Shah added that a confidential filing should be viewed as a step toward strategic flexibility rather than a firm commitment to go public, as the process remains subject to regulatory approvals and market conditions. Nevertheless, he said the move sends a strong signal that the IPO window is reopening and that leading AI companies are moving closer to the scrutiny and discipline of public markets.
Two AI titans, one trillion-dollar frontier
Mohit Gulati, Fund Manager & CIO, ITI Growth Opportunities, believes the intensifying valuation race between Anthropic and OpenAI represents far more than a private-market funding contest—it reflects the market’s evolving view of the future of artificial intelligence.
“What we are witnessing in the Anthropic–OpenAI valuation race is not merely a capital markets event; it is a verdict on what the world believes AI is ultimately meant to achieve.
Anthropic’s latest funding round, which valued the company at approximately $965 billion, marks a remarkable inflection point for the industry. A company once viewed as the safety-focused challenger has, in less than 3 years, emerged as the world’s most valuable private AI company. Importantly, this valuation is being supported not only by investor optimism but also by operating performance, with Anthropic reportedly leading the global large language model (LLM) market in revenue share.
At the same time, OpenAI’s reported plans for an IPO that could value the company at more than $1 trillion are equally significant. The prospect of two AI companies approaching trillion-dollar valuations and potentially entering public markets within a similar timeframe could become the defining capital markets event of the AI era.
For investors, however, the key question extends beyond which company commands the higher valuation today. The more important debate is whether a safety-first approach or a scale-first strategy ultimately captures the enterprise infrastructure layer that is likely to underpin the next generation of computing.
My view remains that the market is still in the early stages of pricing the long-term opportunity. If AI delivers on even a portion of its transformative potential, today’s valuations may appear far more reasonable in hindsight than they do at present,” Gulati said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.