Anthropic is moving ahead with preliminary IPO preparations. According to The Information, the company's leadership has internally discussed a potential public listing as early as Q4 2026. In December 2025, it hired Wilson Sonsini Goodrich & Rosati — the same firm that handled Google's 2004 and LinkedIn's 2011 IPOs — to oversee IPO structuring and regulatory groundwork, a clear signal of intent.
So far, Anthropic has not filed an S-1 with the SEC, and talks with investment banks remain in early, informal stages. However, legal preparation is typically a key step taken 6 to 12 months before an IPO.
$380 Billion Valuation Backs a Mega-IPO
The numbers support the scale. After closing a $30 billion Series B round in February 2026, Anthropic's private valuation hit $380 billion — one of the largest tech fundraising rounds ever. The round was led by Coatue and GIC, with participation from Microsoft, Nvidia, Founders Fund, and Iconiq Capital.
On revenue: Anthropic generated roughly $10 billion in 2025, with annualized recurring revenue (ARR) reaching $14 billion, reflecting steep growth. Investment bank analysts estimate the IPO could raise over $60 billion.
Official Caution, OpenAI Prepares in Parallel
Anthropic's spokesperson has been cautious, stating the company has “not decided when or whether to go public” and that everything is still under evaluation. This mirrors standard Silicon Valley PR strategy before an IPO: neither confirm nor deny, keeping maximum flexibility.
The competitive pressure is clear. OpenAI is internally preparing for a Q4 2026 IPO and is reportedly aware of Anthropic's potential to list first. Two AI giants targeting the same window set the stage for a capital market showdown. The order of filing and pricing will directly influence how institutional investors anchor relative valuations.