The maker of Claude is eyeing Wall Street. Anthropic has been discussing going public as soon as the fourth quarter of this year, according to The Information. Bloomberg separately reports the company could pursue an IPO as early as October, setting up a direct race with rival OpenAI for what would be the biggest AI listing in history.
This is significant. If Anthropic follows through, it would mark the first time one of the leading frontier AI labs hits public markets, a milestone moment for the entire industry.
📊 The Numbers
- Last private valuation: $380 billion (February 2026 funding round)
- Expected IPO raise: $60 billion+, according to bankers vying for the deal
- Annualized revenue run rate: projected at ~$26 billion, nearly triple the previous year
- Legal prep: Wilson Sonsini hired to handle IPO preparations
That $380 billion valuation already makes Anthropic one of the most valuable private companies ever. For context, that’s more than double the $183 billion valuation from its September 2025 round, just five months earlier. The growth trajectory alone explains why bankers are circling.
🏁 The OpenAI Factor
What stands out here is the timing. OpenAI is also reportedly pushing for a late 2026 IPO, and both companies appear motivated by the same logic: whoever goes first sets the market narrative for AI valuations.
An Anthropic IPO would give public market investors their first direct bet on a pure-play frontier AI company. That’s a fundamentally different proposition from buying Nvidia or Microsoft as AI proxies.
⚠️ The Caveat
Nothing is final. An Anthropic spokesperson told Reuters the company “has not decided when or even if it will go public.” That’s standard pre-IPO language, but it’s worth noting. Market conditions, regulatory environment, and competitive dynamics could all shift the timeline.
🔮 What to Watch
- October 2026 is the earliest window being discussed. If Anthropic files an S-1 this summer, that timeline becomes very real.
- OpenAI’s counter-move. Expect Sam Altman’s team to accelerate their own IPO plans in response.
- Valuation expectations. Bankers floated $60 billion+ for the raise alone. The post-IPO market cap could dwarf most tech companies.
- Revenue sustainability. Investors will scrutinize whether $26 billion in annualized revenue holds up under public market accounting standards.
For AI practitioners and industry watchers, this signals that the era of frontier AI being funded purely by private capital is ending. Public markets bring new accountability, new transparency, and new pressure to show sustainable business models, not just impressive benchmarks.
The full report is available at The Information for subscribers.