Anthropic is set to go public as early as Q4! Valued at $380 billion, competing with OpenAI to be the first to IPO.

Anthropic is internally discussing a potential IPO as early as Q4 2026, with a valuation reaching $380 billion and annualized revenue already hitting $14 billion; meanwhile, OpenAI is also preparing for a concurrent IPO, and the race to go public is becoming apparent.
(Background: OpenAI reportedly aims for an IPO by the end of this year with a valuation in the兆美元 range, and ChatGPT must secure more enterprise clients.)
(Additional context: Anthropic AI Economic Index report: automation trading workflows double in frequency, Claude is evolving from a tool to a lifestyle assistant.)

Anthropic is initiating preparations for its IPO. According to The Information, senior executives have discussed going public as early as Q4 2026, and in December 2025, they hired top Silicon Valley law firm Wilson Sonsini Goodrich & Rosati to handle IPO structuring and regulatory compliance (the same firm that managed Google’s 2004 and LinkedIn’s 2011 IPOs), signaling clear intent.

As of now, Anthropic has not yet filed an S-1 with the SEC, and negotiations with investment banks are still in early, informal stages. However, starting legal preparations is typically a key pre-IPO step 6 to 12 months in advance.

Valuation at $380 Billion, Backed by Strong Fundamentals for a Mega IPO

The numbers are equally compelling: after completing a Series B funding round in February 2026, Anthropic’s private valuation reached $380 billion. The $30 billion round was one of the largest tech financings ever, led by Coatue and Singapore’s GIC, with participation from Microsoft, Nvidia, Founders Fund, Iconiq Capital, and others.

In terms of revenue: Anthropic’s 2025 full-year revenue is approximately $10 billion, with an annualized recurring revenue (ARR) of $14 billion, showing steep growth. Based on this, investment bank analysts estimate the IPO could raise over $60 billion.

Cautious Official Stance, OpenAI Also Preparing

Anthropic’s spokesperson has responded cautiously, stating the company has “not decided when or whether to go public,” emphasizing that everything remains under evaluation. This is consistent with typical Silicon Valley pre-IPO PR language: non-denial, non-confirmation, leaving maximum flexibility for the future.

Competitive pressure is clear: OpenAI is actively preparing for a Q4 2026 IPO and reportedly aware of the risk that Anthropic might go public first.

Both AI giants targeting the same timeline could soon trigger a showdown in the capital markets, where who files first and who sets the price will directly influence their relative valuation benchmarks among institutional investors.