Anthropic moves toward US IPO as AI valuation nears $1 trillion

Artificial intelligence company Anthropic has taken a major step toward going public in the United States, as investor enthusiasm for AI firms pushes valuations closer to the $1 trillion mark. The company, best known for its chatbot Claude, confirmed that it has filed preliminary paperwork with US regulators for a potential initial public offering.

Anthropic said the pricing and number of shares have not yet been determined, but the move signals growing momentum in the race among leading AI companies to access public markets.

The company was founded just five years ago and has quickly become one of the most valuable AI firms in the world. Recent private funding rounds valued Anthropic at more than $965 billion, placing it ahead of competitors like OpenAI, which was most recently valued at $852 billion.

AI competition intensifies as IPO race accelerates

Anthropic’s decision to move toward an IPO comes amid a broader surge in AI investment activity. Elon Musk’s SpaceX and OpenAI are also widely expected to pursue public listings, raising expectations of one of the most significant IPO cycles in tech history.

OpenAI CEO Sam Altman has said the company will go public “when it makes sense,” while emphasizing there is no immediate rush. Meanwhile, Anthropic’s move could set early benchmarks for how public markets value generative AI companies.

Analysts say the order of listings may be critical. Going public first could allow a company to define valuation standards for the entire AI sector, while those that follow may face stricter scrutiny from investors.

Investors look for profitability and real AI returns

Before a company can list publicly, it must file a detailed IPO prospectus outlining financial performance, leadership structure, and business risks. Investors are expected to closely examine Anthropic’s profitability, especially given the massive capital required to develop AI systems.

Experts say the IPO will test whether AI valuations are supported by real earnings or driven primarily by market enthusiasm.

Some analysts have warned that the current wave of investment is entering a capital-intensive phase, with companies like Google’s parent Alphabet reportedly planning to spend tens of billions on AI infrastructure.

Anthropic itself has told investors it expects to become profitable in the first half of this year, driven by strong growth in its Claude AI products and enterprise services.

Strategic risks and regulatory tensions

Despite strong investor interest, Anthropic has faced political and regulatory challenges. The company has been involved in disputes with the US Department of Defense over contract language that raised concerns about how its AI systems could be used.

The issue escalated after Anthropic objected to provisions allowing broad government use of its technology, including potential surveillance applications. The disagreement led to legal action and temporary restrictions on government use of Claude.

Although tensions with the US government appear to have eased recently, the lawsuit remains ongoing.

A defining moment for the AI industry

Industry analysts say Anthropic’s IPO could become one of the most closely watched public offerings in tech history. With SpaceX and OpenAI also preparing potential listings, investors may soon face a rare moment where multiple trillion-dollar AI companies enter public markets at once.

Experts warn that the outcome could either confirm AI as the defining investment theme of the decade—or expose a gap between market expectations and real financial performance.

As one analyst put it, the upcoming IPO cycle may become either “the most consequential tech moment since the dot-com era or the most expensive lesson in AI valuation ever seen.”