Anthropic, the San Francisco-based artificial intelligence company behind the Claude assistant, has taken its first formal step toward a stock market listing.
The firm has confirmed that it has confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission.
“This gives us the option to go public after the SEC completes its review,” the company said in a statement Monday. The number of shares and offering price have not yet been set, and any IPO remains contingent on market conditions.
The filing puts Anthropic ahead of longtime rival OpenAI in the race to tap public capital markets, with both companies expected to list before the end of 2026.
The S-1 submission comes days after Anthropic wrapped up what is expected to be its last private fundraising before a public debut.
The Series H pulled in $65 billion at a $965 billion post-money valuation, with Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital taking lead positions.
A broader group of co-leads and significant investors spanned sovereign wealth funds, large asset managers, and growth equity firms, including GIC, Coatue, Baillie Gifford, Blackstone, Fidelity Management & Research, T. Rowe Price, and Temasek, among others.
Anthropic said its annualized run-rate revenue crossed $47 billion earlier this month, with enterprise adoption continuing to expand since its Series G closed in February.
“This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens,” said Krishna Rao, chief financial officer of Anthropic.
Securing compute capacity to match that demand has been a parallel priority.
Anthropic has struck agreements with Amazon, Google and Broadcom, and SpaceX covering a combined ten-plus gigawatts of new capacity.
Claude is now accessible across all three major cloud platforms — AWS, Google Cloud, and Microsoft Azure — with AWS remaining the company’s primary training and cloud partner.
For wealth and asset management professionals, Anthropic has been a growing presence well ahead of any listing.
InvestmentNews has reported on the company’s launch of AI agents covering tasks from pitch book construction and earnings review to KYC screening and general ledger reconciliation.
It has also partnered with LPL Financial and Orion to deploy Claude across advisor workflows.
Advisors using generative AI tools rated Anthropic among the highest-scoring providers in the 2025 T3/Inside Information Software Survey, with a score of 8.10 out of 10.
A Claude Code data leak earlier this year, however, prompted questions about data handling that are likely to draw further scrutiny as the company moves toward public investor disclosure.
A listing would give Anthropic a more efficient path to capital and stock it could deploy for acquisitions as competition in the AI sector intensifies. The company was founded in 2021 by Dario Amodei, Daniela Amodei, and other former OpenAI researchers.
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