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Anthropic confidentially filed for an IPO after reaching a $965 billion valuation, surpassing OpenAI.
Adoption of Claude Code and new AI products lifted Anthropic's annual revenue run rate above $47 billion.
Artificial intelligence (AI) startup Anthropic announced Monday that it has confidentially submitted draft registration documents to the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO - Free Report) , positioning itself ahead of rival OpenAI in the race to public markets, as quoted on Yahoo Finance.
The company — best known for its Claude chatbot — said details regarding the number of shares to be offered and the IPO price range have not yet been determined.
A Massive IPO on the Way?
The IPO filing comes shortly after Anthropic secured $65 billion in fresh funding at a valuation of $965 billion, surpassing OpenAI’s reported $852 billion valuation from March.
The company’s rapid growth has been fueled by strong demand for its enterprise-focused AI products, particularly Claude Code, its software development and coding platform.
Reports suggest the IPO could raise more than $60 billion, though plans remain under discussion and are subject to change. Developing and training AI models is extremely costly, which explains the need for raising funds.
Note that Anthropic and OpenAI (the maker of ChatGPT) are in direct competition with behemoth like Google, which has announced plans to spend up to $185 billion this year in capital expenditures, and is investing heavily in its Gemini products, as mentioned in CNBC.
Inside Anthropic’s Business Model
Anthropic generates about 80% of its business from enterprises, CEO Dario Amodei told CNBC recently. The company’s main AI coding tool, Claude Code, which can automate parts of the software development process, is the reason behind its popularity among enterprises.
Claude Code’s annualized revenue has increased to $2.5 billion, and business subscriptions have quadrupled since the start of the year, Anthropic said in mid-February. Enterprise users make up more than half of Claude Code’s revenue, as quoted on CNBC. Anthropic's revenue run-rate doubled in India in just four months, per Reuters, as quoted on Yahoo Finance.
Anthropic reported an annualized revenue run rate exceeding $47 billion in early May, up from $30 billion in April and $9 billion a year earlier, per the above-mentioned Yahoo Finance article.
Anthropic has aggressively expanded its AI portfolio throughout 2026. Recent launches include Claude for Small Business, while the company last week introduced its newest flagship model, Claude Opus 4.8.
Inside Valuation of Anthropic
Anthropic was recently valued at $380 billion following a $30 billion funding round in February 2026. It was the second-biggest private financing round on record for tech, following OpenAI’s raise of over $40 billion last year, as quoted on CNBC.
The company has secured strategic partnerships and investments from tech heavyweights including Alphabet, Amazon, Microsoft, and NVIDIA, gaining access to advanced chips and infrastructure through multi-billion-dollar agreements. The company has also committed to investing $50 billion in building custom data centers across the United States, per the abovesaid Bloomberg source.
Anthropic has projected that its main product Claude could make $70 billion in sales by 2028, The Information has reported, as quoted on Financial Times. That would put its potential valuation at about five times that 2028 sum.
By comparison, Meta Platforms launched its IPO at about 6X forward sales, Alibaba Group at about 7X, and Palantir Technologies at about 10X, per Financial Times. The FT article went on to explain that OpenAI is valued at about $500B – also about 5X its projected 2028 revenue.
Bottom Line
The above-mentioned valuation comparison indicates that a potential Anthropic IPO will likely be hit among investors, if not the best one. OpenAI may also receive great success, or even greater due to its more diversified business exposure, per FT.
Against this backdrop, one needs to keep a close tab on IPO ETFs like Renaissance IPO ETF (IPO - Free Report) .
In fact, REX Shares and Tuttle Capital Management plan to launch 2x leveraged exchange-traded funds tied to yet-to-be-issued publicly traded common stock of Anthropic, according to regulatory filings, as quoted on Reuters. The T-Rex 2x Long Anthropic Daily Target ETF will aim to give holders 200% of the daily performance of the company, once it hits the market.
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ETFs in Focus as Anthropic Eyes a Blockbuster IPO
Key Takeaways
Artificial intelligence (AI) startup Anthropic announced Monday that it has confidentially submitted draft registration documents to the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO - Free Report) , positioning itself ahead of rival OpenAI in the race to public markets, as quoted on Yahoo Finance.
The company — best known for its Claude chatbot — said details regarding the number of shares to be offered and the IPO price range have not yet been determined.
A Massive IPO on the Way?
The IPO filing comes shortly after Anthropic secured $65 billion in fresh funding at a valuation of $965 billion, surpassing OpenAI’s reported $852 billion valuation from March.
The company’s rapid growth has been fueled by strong demand for its enterprise-focused AI products, particularly Claude Code, its software development and coding platform.
Reports suggest the IPO could raise more than $60 billion, though plans remain under discussion and are subject to change. Developing and training AI models is extremely costly, which explains the need for raising funds.
Note that Anthropic and OpenAI (the maker of ChatGPT) are in direct competition with behemoth like Google, which has announced plans to spend up to $185 billion this year in capital expenditures, and is investing heavily in its Gemini products, as mentioned in CNBC.
Inside Anthropic’s Business Model
Anthropic generates about 80% of its business from enterprises, CEO Dario Amodei told CNBC recently. The company’s main AI coding tool, Claude Code, which can automate parts of the software development process, is the reason behind its popularity among enterprises.
Claude Code’s annualized revenue has increased to $2.5 billion, and business subscriptions have quadrupled since the start of the year, Anthropic said in mid-February. Enterprise users make up more than half of Claude Code’s revenue, as quoted on CNBC. Anthropic's revenue run-rate doubled in India in just four months, per Reuters, as quoted on Yahoo Finance.
Anthropic reported an annualized revenue run rate exceeding $47 billion in early May, up from $30 billion in April and $9 billion a year earlier, per the above-mentioned Yahoo Finance article.
Anthropic has aggressively expanded its AI portfolio throughout 2026. Recent launches include Claude for Small Business, while the company last week introduced its newest flagship model, Claude Opus 4.8.
Inside Valuation of Anthropic
Anthropic was recently valued at $380 billion following a $30 billion funding round in February 2026. It was the second-biggest private financing round on record for tech, following OpenAI’s raise of over $40 billion last year, as quoted on CNBC.
The company has secured strategic partnerships and investments from tech heavyweights including Alphabet, Amazon, Microsoft, and NVIDIA, gaining access to advanced chips and infrastructure through multi-billion-dollar agreements. The company has also committed to investing $50 billion in building custom data centers across the United States, per the abovesaid Bloomberg source.
Anthropic has projected that its main product Claude could make $70 billion in sales by 2028, The Information has reported, as quoted on Financial Times. That would put its potential valuation at about five times that 2028 sum.
By comparison, Meta Platforms launched its IPO at about 6X forward sales, Alibaba Group at about 7X, and Palantir Technologies at about 10X, per Financial Times. The FT article went on to explain that OpenAI is valued at about $500B – also about 5X its projected 2028 revenue.
Bottom Line
The above-mentioned valuation comparison indicates that a potential Anthropic IPO will likely be hit among investors, if not the best one. OpenAI may also receive great success, or even greater due to its more diversified business exposure, per FT.
Against this backdrop, one needs to keep a close tab on IPO ETFs like Renaissance IPO ETF (IPO - Free Report) .
In fact, REX Shares and Tuttle Capital Management plan to launch 2x leveraged exchange-traded funds tied to yet-to-be-issued publicly traded common stock of Anthropic, according to regulatory filings, as quoted on Reuters. The T-Rex 2x Long Anthropic Daily Target ETF will aim to give holders 200% of the daily performance of the company, once it hits the market.
Other AI ETFs like Global X Artificial Intelligence & Technology ETF (AIQ - Free Report) and Roundhill Generative AI & Technology ETF (CHAT - Free Report) may also keep the stock in their kitties. So, these ETFs should be tracked closely (read: Stay Invested Despite Market Chaos With These ETFs).