Anthropic Files for IPO at Over $1 Trillion Valuation, Surpassing OpenAI

Wall Street debut could come in the next few months. OpenAI’s float could come in Q3. SpaceX? Within weeks.

🚀 AI IPO Season Has Arrived

• Anthropic officially fired the starting gun on its public-market ambitions, announcing that it has confidentially submitted a draft S-1 filing to regulators for a proposed IPO. The number of shares and pricing details remain under wraps for now.
• The move has been one of Wall Street’s most anticipated events of the year. Investors have spent months waiting for major AI players to make their public-market debut as enthusiasm around artificial intelligence continues to reshape the technology landscape.
• Like many high-growth tech firms, Anthropic opted for a confidential filing process. That allows management to test investor appetite, refine disclosures, and, if necessary, adjust plans before opening the books to the broader public.

💰 A Trillion-Dollar Price Tag

• Anthropic’s valuation story is enough to make even seasoned venture capitalists do a double-take. Last week, the company raised $65 billion in a Series H funding round that valued it at $965 billion post-money.
• Investors now expect the IPO valuation to land comfortably north of $1 trillion, which would put Anthropic ahead of rival OpenAI (its founders are ex-OpenAI), whose most recent funding round valued it at $852 billion.
• The growth has been breathtaking. Anthropic was valued at roughly $60 billion in March 2025. Fifteen months later, that figure has increased more than fifteenfold. In startup terms, that's less a growth curve and more a vertical launch.

🤖 The AI Race Goes Public

• Anthropic’s filing adds another heavyweight to what is shaping up as a blockbuster year for IPOs. OpenAI is working with bankers on its own confidential filing and could be ready for a market debut this fall.
• Meanwhile, SpaceX is expected to reach public markets within weeks, with investors eyeing a valuation approaching $2 trillion. Suddenly, trillion-dollar companies are starting to sound almost ordinary.
• Beneath the headline valuations sits a fierce battle for AI market share. Anthropic and OpenAI continue to roll out new models and compete for enterprise customers, developers, and computing resources. The next arena may not be the chatbot leaderboard — it could be the stock market itself.