AI unicorn Anthropic accelerates IPO push, taking on OpenAI head-to-head?
Anthropic is accelerating its expansion into the capital markets, initiating collaboration with top law firms, which is seen as an important signal toward going public. The company's valuation is approaching 300 billions USD, and investors are betting it could go public before OpenAI.
According to the Financial Times, AI startup Anthropic has hired the law firm Wilson Sonsini to begin preparations for an initial public offering (IPO) as early as 2026. This deal could become one of the largest IPOs in history and marks the startup’s bid to compete with OpenAI in the public market.
One source familiar with the matter stated that Anthropic could be ready for listing as early as 2026. However, another person close to the company cautioned that the likelihood of completing an IPO in the short term is low.
According to sources, Anthropic, the developer of the Claude chatbot, is currently in talks for a private funding round, with a potential valuation exceeding $300 billions. Several other sources said that the startup, led by CEO Dario Amodei, has also held preliminary, informal discussions with several major investment banks regarding a potential IPO, but has not yet selected underwriters.
These moves indicate that Anthropic is actively preparing for a public listing, and this IPO will be a key test of whether the market is willing to support research labs at the heart of the AI boom that are still incurring massive losses.
Wilson Sonsini has been providing legal advisory services to Anthropic since 2022, including assisting it in securing multi-billion dollar investments from Amazon. The firm has also participated in IPO projects for well-known tech companies such as Google, LinkedIn, and Lyft.
Investors are generally optimistic about Anthropic’s listing, believing that if the company can go public ahead of its larger competitor OpenAI, it will gain a first-mover advantage in the capital markets. An Anthropic spokesperson stated:
“For companies of our size and revenue level, operating to the standards of a quasi-public company is common practice. We have not yet decided if or when to go public, and there is currently no news to announce.”
According to sources, OpenAI is also making early preparations for a future public listing, but no timetable has been set.
However, both companies will face challenges in their listing processes: their rapid expansion and the astronomical costs required to train AI models make financial performance difficult to predict.
Both companies also plan to enter the capital markets at unprecedented valuations. OpenAI was valued at $500 billions in October this year; meanwhile, Anthropic last month secured a total investment commitment of $15 billions from Microsoft and Nvidia, with this round expected to bring the company’s valuation to between $300 billions and $350 billions.
According to sources, Anthropic has already begun internal restructuring processes required for a public listing. The San Francisco-based company last year hired Krishna Rao, who spent six years at Airbnb and played a key role in its IPO, as Chief Financial Officer.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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