Anthropic has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering, placing the Claude developer on a possible path to one of the most closely watched stock market debuts in the artificial intelligence sector. The company said the filing covers a proposed IPO of its common stock, although it did not disclose the number of shares it may sell or the expected price range. Anthropic said the offering would move forward only after the SEC completes its review and would depend on market conditions and other factors. The confidential filing does not require Anthropic to list within a fixed period, but it allows the company to begin the regulatory review process before releasing a public prospectus to investors. The step comes as Wall Street is preparing for several large technology listings tied to artificial intelligence and advanced computing. Anthropic Moves Ahead of OpenAI in IPO Race Anthropic’s filing places the company ahead of OpenAI in the race among leading AI firms to reach public markets. OpenAI has also been preparing for a confidential IPO filing, while investor attention has also turned to SpaceX after the company moved forward with its own listing plans. Prediction markets reacted quickly to the filing. Polymarket odds showed Anthropic with a 71% chance of going public before OpenAI, a sign that traders increasingly view the Claude developer as the next major AI company likely to test public-market demand. The IPO process could give public investors a direct look at Anthropic’s financial profile after years of rapid private-market growth. The company, founded in 2021 by former OpenAI employees, is best known for Claude, its family of AI models used in consumer products, enterprise services, and software development tools. Valuation Debate Grows Around Anthropic Anthropic’s commercial growth has been tied closely to demand for Claude Code and other business-facing AI products. Reuters reported that the company recently raised $65 billion at a $965 billion post-money valuation, placing it among the most valuable private technology companies globally. The IPO filing has also fueled debate over how public investors may price the company if it lists during the current AI boom. Polymarket pricing has placed a 61% probability on Anthropic reaching a $1.8 trillion valuation at IPO, although the figure remains a prediction-market signal rather than company guidance. Source: X As per the Kobeissi Letter, the combined IPO-day market capitalization of Anthropic and SpaceX could exceed $3.5 trillion if both companies list near current expectations. That estimate reflects investor demand for AI and compute-linked assets, but the final values would depend on pricing, share structure, market conditions, and public investor appetite. SpaceX's Compute Deal Adds Another Investor Focus Anthropic’s rise has also been linked to the cost of computing capacity, which remains one of the largest expenses for advanced AI developers. The company has entered large infrastructure agreements as it works to support model training and product usage across a growing customer base. Reports have linked Anthropic to a compute agreement with SpaceX-linked infrastructure, including access to data center capacity as demand for AI infrastructure rises across the sector. According to analysts, it is estimated that Anthropic could pay about $24 billion in annual revenue per nameplate gigawatt of capacity, while SpaceX AI's buildout cost was estimated at $29 billion per gigawatt. Those figures have drawn attention because they suggest that computing infrastructure could generate large cash flows if utilization remains high. If the contract lasted five years, market estimates suggested more than $50 billion in cumulative pre-tax cash flow, although that scenario depends on contract duration, operating costs, capacity availability, and whether the deal continues beyond its initial period. However, amid the predictions, Elon Musk has pushed back against stronger interpretations of the arrangement, saying, “Let’s not get carried away. This is a short-term deal.”
