Anthropic Files for IPO, Testing Investor Faith in AI

Artificial intelligence company Anthropic has confidentially submitted paperwork for a U.S. initial public offering, setting up a major test of whether Wall Street’s enthusiasm for AI can match the lofty expectations built around the sector. The company, best known for its Claude chatbot, did not disclose the size or terms of the offering. Confidential filings allow firms to advance IPO preparations while keeping financial details private from competitors and the public. Anthropic was founded in 2021 by former OpenAI executives. It has raised approximately $7.5 billion to date, with a valuation around $60 billion, according to public filings and investor reports. The company generates annualized revenue of roughly $1 billion, primarily from selling enterprise access to Claude for coding and other professional tasks. Both Anthropic and OpenAI remain unprofitable, spending heavily on computing infrastructure and talent. That has fueled debate about whether AI companies are overvalued. The IPO will offer investors a rare chance to examine the financials of a frontier AI developer. The listing comes amid a broader wave of technology IPOs. SpaceX, led by Elon Musk, has not gone public, despite persistent speculation. OpenAI is also expected to file for its own IPO later this year. “The market is hungry for AI exposure, but these companies burn cash at an extraordinary rate,” said Gil Luria, an analyst at DA Davidson. “Anthropic going first gives it a chance to set the narrative for how AI firms report earnings.” Anthropic’s rapid growth has rattled some software and IT stocks, as investors worry its increasingly autonomous tools could disrupt traditional business models. The company’s focus on enterprise clients — rather than consumers — has distinguished it from OpenAI in the race to commercialize advanced AI. If completed, the IPO would be one of the largest tech listings in recent years, though its scale could strain investor demand and crowd out smaller offerings. For now, all eyes are on Anthropic’s next move.