How Soon Could AI Trailblazer Anthropic Go Public?

AI giant Anthropic is actively exploring plans for an IPO, positioning the company at the centre of one of the most anticipated stock market debuts in recent years.

Widespread reports suggest the listing could raise more than US$60bn, underlining both the scale of investor appetite and the rapid growth of the AI sector. 

While discussions remain preliminary and subject to change, the move signals a new phase in the commercialisation of generative AI – one that could reshape public markets and redefine how emerging technology companies are valued.

Early-stage planning and valuation expectations

According to outlets including The Information, Anthropic executives including CEO Dario Amodei have held internal discussions about launching an IPO as soon as the fourth quarter of this year – specifically, October. 

Bloomberg adds that the company has begun engaging with major Wall Street institutions, with Goldman Sachs, JPMorgan Chase and Morgan Stanley all under consideration for leading roles. These discussions are said to remain fluid and no final decisions have been confirmed.

Anthropic’s valuation has surged alongside investor enthusiasm, with the business reaching approximately US$380bn following a US$30bn funding round earlier this year. 

Despite the momentum, IPO plans are inherently sensitive to market conditions. Macroeconomic uncertainty – including geopolitical tensions and inflation concerns – could still delay or derail the offering.

A defining moment for the AI sector

Anthropic's IPO would not occur in isolation. Rival OpenAI is also preparing for a potential listing, setting up a high-stakes race between two of the most prominent players in generative AI.

OpenAI CEO Sam Altman has privately expressed a desire to take his company public before Anthropic. However, OpenAI’s strong financial position – reportedly nearing a US$730bn valuation and raising up to US$120bn – means it is under less immediate pressure to list.

The dual IPO prospects represent a watershed moment for the AI boom. Public listings from both firms would crystallise years of private investment and could establish new benchmarks for revenue growth, infrastructure spending and long-term profitability in the industry.

Revenue growth and business models under scrutiny

Anthropic’s financial trajectory is a key factor behind investor interest. Its annualised revenue more than doubled to US$19bn in the first two months of 2026, driven largely by demand for automated coding tools and enterprise-focused AI solutions.

IPO advisers cited by The Information believe investors could favour its business model over OpenAI’s more consumer-centric approach, which relies heavily on subscriptions to products like ChatGPT.

OpenAI, for its part, has achieved even greater scale, surpassing US$25bn in annualised revenue. However, its projected path to profitability appears longer, with expectations of significant cash burn before reaching positive free cash flow.

Anthropic, which is best known for the Claude series of LLMs, has projected a comparatively shorter timeline, anticipating it could become cash-flow positive by 2028. This contrast in financial outlooks is likely to be a focal point for regulators and investors alike.

Strategic partnerships and infrastructure ambitions

Anthropic’s rise has been fuelled by deep partnerships with major technology firms, with Google, Amazon, Microsoft and NVIDIA among its backers.

These relationships provide access to advanced chips, cloud infrastructure and capital – critical resources in an industry defined by high compute costs.

Anthropic has also committed to spending US$50bn on custom data centres in the US, showcasing the scale of investment required to remain competitive.

In parallel, the company is exploring partnerships with private equity firms, including Blackstone, Hellman & Friedman and Permira, according to The Information, potentially further expanding enterprise footprint.

Regulatory hurdles and market risks

Despite its momentum, Anthropic is operating in a complex regulatory landscape.

The firm recently challenged a US Department of Defense designation that labelled it a potential supply chain threat – a ruling it successfully blocked in court. However, the episode has served to highlight the growing scrutiny facing AI companies as governments grapple with the technology’s implications.

IPO preparations will also involve detailed discussions with regulators regarding revenue recognition practices, particularly concerning partnerships with cloud providers that resell AI models.

Market volatility remains another key risk. The high cost of building AI infrastructure, combined with broader economic uncertainty, could easily complicate the timing and reception of any listing.