Anthropic has confidentially submitted paperwork for a US stock market listing, in what could become one of the largest technology IPOs in history.
The Claude maker confirmed it had filed a draft registration statement on Form S-1 with the Securities and Exchange Commission, giving it the option to go public once regulators complete their review.
“The proposed initial public offering will depend on market conditions and other factors,” Anthropic said in a statement.
The company did not disclose the size, timing or valuation of the offering, leaving key details unresolved ahead of a formal public announcement.
The filing comes days after Anthropic raised $65bn in funding at a post-money valuation of $965bn, making it one of the world’s most valuable private companies.
That valuation puts Anthropic ahead of OpenAI’s last reported valuation, intensifying what has become one of the most closely watched rivalries in the technology sector.
Anthropic was founded in 2021 by siblings Dario and Daniela Amodei alongside a group of former OpenAI researchers who left to build a rival focused on AI safety and enterprise adoption.
The company has rapidly emerged as OpenAI’s closest competitor, with its Claude models now widely used by businesses through partnerships with Amazon, Google and other cloud providers.
Anthropic expects revenue to more than double this year and is targeting its first operating profit, helped by strong demand from enterprise customers.
Around 80 per cent of its revenue is understood to come from Business products rather than consumer subscriptions, underlining its heavily enterprise-focused strategy.
The filing comes as Anthropic and OpenAI continue to compete for enterprise customers, cloud distribution and investor attention ahead of expected public market debuts.
Anthropic’s Claude models and OpenAI’s GPT models are sold to developers and corporate customers through cloud platforms run by Amazon, Microsoft and Google, giving both startups close financial ties to the world’s largest technology companies.
Those relationships have also raised questions over how revenue is reported, with Anthropic understood to recognise some cloud-platform sales on a gross basis while OpenAI reports certain cloud sales on a net basis.
That difference makes direct financial comparisons between the two companies more complicated for investors and analysts attempting to assess their relative scale.
Amazon and Google have both made major commitments to Anthropic, while Microsoft remains OpenAI’s most important backer.
The IPO process will give public market investors their first detailed look at Anthropic’s financials, including how quickly it is growing and how much it is spending on computing power.
Investors will also scrutinise whether Anthropic’s enterprise-heavy revenue base can support a valuation approaching $1 trillion once the company enters public markets.
The company said the number of shares to be offered and the price range for the listing have not yet been determined.