Anthropic, the AI lab behind Claude, has confidentially filed for an initial public offering, the company announced in a blog post Monday. The company, valued at close to $1 trillion, submitted a draft registration statement to the U.S. Securities and Exchange Commission, though it has yet to disclose the number of shares or set a price. Anthropic noted the offering will depend on market conditions and other factors - because nothing says 'confident' like a giant asterisk.
The filing comes less than a week after Anthropic raised $65 billion in a Series H funding round that pushed its valuation to $965 billion. The round, co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners, attracted a bevy of institutional and strategic investors who apparently couldn't wait to throw money at an AI lab before it hits the public markets.
Anthropic's confidential filing landed in an already white-hot IPO season that includes SpaceX's initial public offering, which is targeting a $2 trillion valuation. SpaceX is seeking to raise more than $75 billion. Because why should one trillion-dollar company have all the fun?
A confidential IPO filing allows a company to prepare for a potential public offering without publicly disclosing detailed financial information, risks, or other internal business details. That means Anthropic can evaluate its IPO privately, away from the critical eye of the public - perfect for a company that prefers its flaws kept under wraps. If it follows through, Anthropic will file an S-1 registration document containing detailed information on its financials, legal matters, risks, and a breakdown of who holds the most voting power.
Anthropic's filing also comes as its rival OpenAI continues to raise funding, notably a $122 billion round in March at an $852 billion post-money valuation, and prepares for its own IPO. OpenAI is expected to file for an initial public offering, setting the stage for an IPO season that will pit the two largest AI labs against each other and test the market's resolve and interest in artificial intelligence. Spoiler: it's probably a lot.
Anthropic, now an AI powerhouse with top-tier enterprise customers, was once considered an underdog in the emerging world of large language models. The startup was founded in 2021 by former OpenAI employees and was seen for years as a distant competitor to OpenAI and its AI chatbot, ChatGPT. Now it's a distant competitor with a $1 trillion valuation.
The company has drawn in investors and customers with growing capabilities and a focus on enterprise services. That has translated to eye-popping revenue growth. The company said recently that its revenue run-rate had surpassed $47 billion, up from $9 billion at the end of 2025. That's the kind of growth that makes investors swoon - and regulators sharpen their pencils.
That revenue growth rate could accelerate as Anthropic makes its Mythos model more widely available. Anthropic previewed Mythos in April but has kept access restricted - warning software developers that the model had discovered thousands of high-severity bugs that would need to be fixed before it could be made public. Because nothing says 'ready for prime time' like a model that finds a few thousand critical flaws in itself.
The generative AI lab is poised to give the European Union's cybersecurity agency access to Mythos, Bloomberg reported Monday morning, citing anonymous sources. Because if you're going to let anyone test your buggy model, it might as well be the EU.