Anthropic is laying groundwork for a potential initial public offering (IPO) as early as 2026.
The San Francisco-based artificial intelligence (AI) startup, backed by Alphabet Inc.’s Google and Amazon.com Inc., has retained Silicon Valley law firm Wilson Sonsini to advise on IPO preparations. Anthropic is simultaneously pursuing a private funding round that could value the company at more than $300 billion, the Financial Times reported. The company has not committed to any specific timeline or confirmed the IPO plans reported by the FT.
Anthropic CEO Dario Amodei projects its annualized revenue will more than double to approximately $26 billion next year, serving more than 300,000 business customers.
The timing coincides with heated competition in the AI sector. OpenAI, Anthropic’s chief rival backed by Microsoft Corp., is also preparing for what could become one of the largest public offerings in history, potentially valued at $1 trillion. OpenAI may file with regulators as soon as late 2026, though company Chief Financial Officer Sarah Friar has downplayed near-term listing plans.
OpenAI faces serious headwinds in consumer growth. Deutsche Bank analysts Adrian Cox and Stefan Abrudan found ChatGPT subscription growth in major European markets has stalled since June, suggesting possible market saturation. Meanwhile, Anthropic’s subscription value has surged nearly sevenfold this year, albeit from a smaller base, compared to OpenAI’s 18% growth.
Deutsche Bank analysts indicated Anthropic may have an easier path to profitability than its larger competitor, though neither company provided comment on the research.
Last month, Microsoft and NVIDIA Corp. announced plans to invest up to $15 billion in Anthropic, tied to a $30 billion commitment from Anthropic to use Microsoft’s cloud infrastructure.
However, the potential public debut comes amid mounting concerns about overheated asset valuations. The Bank of England on Tuesday warned that tech company valuations, particularly AI-focused firms, “remain materially stretched.” The central bank noted U.S. equity valuations are near dot-com bubble levels, “heightening the risk of a sharp correction.”
Former Reserve Bank of India Governor Raghuram Rajan, now at the University of Chicago, cautioned that current conditions of ample credit and Federal Reserve rate cuts create environments where “risks build up more.” Bank for International Settlements General Manager Pablo Hernández de Cos similarly warned about excessive liquidity in financial markets.
Adding to the complex backdrop, National Economic Council Director Kevin Hassett has reportedly emerged as President Trump’s favored candidate to replace Federal Reserve Chairman Jerome Powell next year, potentially signaling continued accommodative monetary policy.
Investor Michael Burry, author of “The Big Short,” has also reiterated warnings about stock market bubble conditions.
