{"id":730865,"date":"2026-06-01T21:10:17","date_gmt":"2026-06-01T18:10:17","guid":{"rendered":"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/"},"modified":"2026-06-01T21:10:17","modified_gmt":"2026-06-01T18:10:17","slug":"anthropic-files-confidentially-for-ipo-in-race-with-openai","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/","title":{"rendered":"Anthropic files confidentially for IPO in race with OpenAI"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a418da96bea3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a418da96bea3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/#TLDR\" >TL;DR<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/#The_revenue_trajectory\" >The revenue trajectory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/#The_three-way_IPO_race\" >The three-way IPO race<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/#Risks_in_the_filing\" >Risks in the filing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/anthropic-files-confidentially-for-ipo-in-race-with-openai\/#What_it_means_for_the_market\" >What it means for the market<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"article-main-content\">\n<p><em><\/p>\n<div class=\"postContent-tldr\">\n<h4 class=\"postContent-offsetTitle\"><span class=\"ez-toc-section\" id=\"TLDR\"><\/span>TL;DR<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Anthropic has confidentially filed S-1 paperwork for an IPO, potentially beating rival OpenAI to the public market this fall. The filing follows a $65 billion funding round at a $965 billion valuation and projected Q2 revenue of $10.9 billion, with Anthropic on pace for its first profitable quarter.<\/p>\n<\/div>\n<p><\/em><\/p>\n<p>Anthropic has confidentially submitted draft registration paperwork for an initial public offering with the Securities and Exchange Commission, the company\u00a0<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/fortune.com\/2026\/06\/01\/anthropic-confidentially-files-ipo-965-billion-valuation\/\" target=\"_blank\" rel=\"nofollow noopener\">announced in a blog post on Monday<\/a>. The number of shares to be offered and the price have not been set. The filing positions Anthropic to potentially reach the public market as soon as this fall, ahead of rival OpenAI, which is also preparing its own confidential IPO filing in the coming weeks.<\/p>\n<p>The move comes days after Anthropic raised $65 billion in a funding round at a $965 billion valuation,\u00a0<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/05\/28\/anthropic-open-ai-startup-value.html\" target=\"_blank\" rel=\"nofollow noopener\">eclipsing OpenAI\u2019s valuation for the first time<\/a>. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are expected to be under consideration for lead underwriting roles on both Anthropic\u2019s and OpenAI\u2019s listings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_revenue_trajectory\"><\/span>The revenue trajectory<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Anthropic\u2019s financial growth over the past 12 months has been extraordinary even by AI startup standards. The company\u2019s annualised revenue run rate was $4 billion in July 2025. By January 2026 it had surpassed $9 billion. Anthropic has told investors that the run rate will exceed $50 billion by the end of July, representing roughly an 80-fold increase in annualised revenue over two years.<\/p>\n<p>The company expects to report $10.9 billion in revenue for the second quarter of 2026,\u00a0<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/05\/20\/anthropic-revenue-explosive-growth-ipo-profitable-quarter.html\" target=\"_blank\" rel=\"nofollow noopener\">more than doubling the $4.8 billion it generated in Q1<\/a>\u00a0and exceeding its entire 2025 annual revenue in a single quarter. Anthropic is also on pace for its first profitable quarter, with a projected operating profit of $559 million.\u00a0Early investors like Accel, whose Anthropic stake has more than quadrupled in months, now have a clear path to liquidity.<\/p>\n<div class=\"inarticle-wrapper latest channel-cta hs-embed-tnw\">\n<div id=\"hs-embed-tnw\" class=\"channel-cta-wrapper\">\n<div class=\"channel-cta-img\"><img decoding=\"async\" class=\"js-lazy\" src=\"https:\/\/media.thenextweb.com\/hardfork-2018\/uploads\/visuals\/tnw-newsletter.png\"\/><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/media.thenextweb.com\/hardfork-2018\/uploads\/visuals\/tnw-newsletter.png\"\/><\/p>\n<div class=\"channel-cta-input\">\n<p class=\"channel-cta-title\">The \ud83d\udc9c of EU tech<\/p>\n<p class=\"channel-cta-tagline\">The latest rumblings from the EU tech scene, a story from our wise ol&#8217; founder Boris, and some questionable AI art. It&#8217;s free, every week, in your inbox. Sign up now!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>The growth has been driven by a surge in enterprise demand for Claude\u2019s coding capabilities and, more recently, by\u00a0Anthropic\u2019s Mythos cybersecurity model, which discovered more than 10,000 zero-day vulnerabilities across major operating systems and has become the most discussed AI capability in enterprise security.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_three-way_IPO_race\"><\/span>The three-way IPO race<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Anthropic\u2019s filing sets up what could be the most significant cluster of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> IPOs since the dot-com era. OpenAI is preparing its own confidential filing and has targeted a public debut in the fall at a potential valuation of up to $1 trillion.\u00a0SpaceX has already filed for the largest IPO in history, with marketing set for early June. All three companies are backed by overl<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing pools of sovereign wealth funds and institutional investors, and all three are likely to draw on Goldman Sachs, JPMorgan, and Morgan Stanley for underwriting.<\/p>\n<p>For Anthropic, filing first carries a strategic advantage. The company that reaches the public market ahead of its rival gets first access to the broadest possible pool of institutional and retail investors, sets the valuation benchmark for the AI sector, and defines the narrative around which AI company represents the best public market bet.<\/p>\n<p>The competitive dynamic between the two companies has intensified this year. While Anthropic has posted an 80-fold annualised revenue increase and surpassed OpenAI in valuation, OpenAI has been rethinking its product lineup, shuffling leadership, and confronting reports that it missed certain internal revenue and user targets. OpenAI CFO Sarah Friar has pushed back, telling Bloomberg the company is seeing a \u201cvertical wall of demand\u201d for its products.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_in_the_filing\"><\/span>Risks in the filing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Anthropic\u2019s S-1, when it becomes public, will need to disclose several material risks. The most prominent is the company\u2019s ongoing legal battle with the US government after\u00a0the Pentagon declared Anthropic a supply-chain risk, a designation typically reserved for foreign adversaries. The dispute stems from Anthropic\u2019s refusal to grant the military unrestricted access to its models. Anthropic has said the designation could jeopardise billions of dollars in revenue.<\/p>\n<p>The $965 billion valuation also carries scrutiny. At $10.9 billion in projected Q2 revenue, Anthropic would be trading at roughly 22x annualised revenue, a premium that assumes continued hypergrowth. If the $50 billion run rate materialises by July, the multiple compresses to a more defensible 19x, but that figure depends on maintaining the pace of enterprise adoption that drove the Q1-to-Q2 doubling.<\/p>\n<p>There is also the question of whether profitability is sustainable. Anthropic\u2019s projected $559 million operating profit in Q2 represents a roughly 5% margin, thin for a company seeking a near-trillion-dollar public valuation. The economics of running frontier AI models at scale remain expensive, and compute costs could compress margins as the company scales.\u00a0The University of Michigan turned a $20 million early OpenAI investment into $2 billion, a reminder that early AI bets can produce extraordinary returns, but public market investors will demand more predictable economics.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_it_means_for_the_market\"><\/span>What it means for the market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Anthropic\u2019s IPO filing, combined with OpenAI\u2019s expected filing and SpaceX\u2019s already-submitted paperwork, means the fall 2026 IPO window could see more than $200 billion in new public market value from three companies alone. The last time a cluster of technology offerings this large reached the public market simultaneously was the 1999-2000 dot-com wave.<\/p>\n<p>The comparison is imperfect. Anthropic and OpenAI have real, rapidly growing revenue. SpaceX is profitable. But the valuations all assume that the AI market will continue expanding at its current pace, that enterprise adoption will not plateau, and that regulatory and legal risks will remain manageable. Anthropic\u2019s confidential filing is the starting gun for the most consequential test of whether the AI boom can sustain public market scrutiny.<\/p>\n<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" target=\"_blank\" >Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/anthropic-ipo-confidential-filing-openai-race-965-billion\" target=\"_blank\" >Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Anthropic has confidentially filed S-1 paperwork for an IPO, potentially beating rival OpenAI to the public market this fall. The filing follows a $65 billion funding round at a $965 billion valuation and projected Q2 revenue of $10.9 billion, with Anthropic on pace for its first profitable quarter. Anthropic has confidentially submitted draft registration&#8230;<\/p>\n","protected":false},"author":1,"featured_media":730866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/media.thenextweb.com\/2026\/04\/anthropic-claude-word-lawyers-legal-ai.avif","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-730865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/730865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=730865"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/730865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/730866"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=730865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=730865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=730865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}