Anthropic files IPO prospectus with SEC, beating OpenAI to the punch

Anthropic has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission, the company announced on Monday. The filing gives Anthropic the option to pursue an initial public offering once the SEC completes its review.

The move puts Anthropic ahead of rival OpenAI, which has not yet filed its own prospectus. Elon Musk’s SpaceX has already submitted its public prospectus and is preparing for a roadshow ahead of a planned debut.

Anthropic has not set a share price or the number of shares to be offered. A confidential filing does not commit the company to a specific timeline. Under SEC rules, its public prospectus must reach investors at least 15 days before any roadshow begins.

Explosive growth ahead of the filing

The company’s financials suggest a massive IPO could be on the horizon. Anthropic recently announced a revenue run rate of $47 billion, up from $10 billion in annual revenue the previous year. It closed a funding round last week at a valuation of $965 billion, surpassing OpenAI’s most recent valuation of around $730 to $852 billion.

Anthropic was founded in 2021 by former OpenAI executives and researchers. It is best known for its family of AI models called Claude, which powers products including its coding assistant, Claude Code.

Challenges and momentum

The company has not been without setbacks. The Pentagon blacklisted Anthropic’s models after negotiations between the two parties broke down. Anthropic sued the Trump administration to reverse the decision, and litigation is ongoing. President Trump told CNBC in April that a deal remains “possible.”

Despite the conflict, growth in the private sector accelerated. Claude reached the top spot on Apple’s U.S. free apps chart in late February. The company also struck a major infrastructure deal with SpaceX, paying $1.25 billion per month for compute access at its Memphis data center through May 2029.

Sources

• Anthropic confidentially submits draft S-1 to the SEC – Anthropic
• Anthropic confidentially files IPO prospectus with SEC, prepping Wall Street for landmark AI deal – CNBC
• Anthropic Just Beat OpenAI in the IPO Race – Gizmodo