Anthropic Surpasses $965 Billion Valuation as Market Seeks to Validate AI Giant's Worth

Artificial Intelligence Company Anthropic Confidentially Files for IPO, Testing Valuation Benchmarks

In a significant move for the artificial intelligence industry, Anthropic, the company behind the AI-driven coding assistant Claude Code, has confidentially filed for an initial public offering (IPO) in the United States. This marks the first time a new generation of AI leaders has formally moved toward a stock market debut, and it is expected to test whether the strong investor enthusiasm that has driven AI companies to extraordinary private-market valuations can be sustained in public markets.

The offering could help establish valuation benchmarks for the rapidly evolving sector. Anthropic was last valued at $965 billion after completing a $65 billion funding round in late May, surpassing its competitor, OpenAI. Market participants consider this potential listing one of the most significant technology IPOs in recent years, with the potential to affect benchmark indices, investor allocations, and the overarching investment narrative around artificial intelligence.

The decision also comes amid a wider resurgence in the US IPO market. Reports indicate that OpenAI is preparing to file its own confidential submission, while SpaceX is exploring a potential major public offering that could raise approximately $75 billion at a valuation of $1.75 trillion, paving the way for a series of notable technology listings.

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According to Viram Shah, CEO and Founder of Vested Finance, Anthropic's confidential IPO filing represents a significant milestone for both the company and the broader artificial intelligence industry. The move signals the beginning of greater public-market participation in frontier AI companies, which could gradually open the sector to a wider pool of investors.

Anthropic's growth has been exceptional, with its revenue run rate reportedly increasing from around $10 billion to nearly $47 billion within a year. However, Shah cautioned that investors should carefully assess valuation expectations. The widely discussed $965 billion valuation reflects the company's latest private funding round and does not necessarily indicate where a future IPO would be priced.

Mohit Gulati, Fund Manager & CIO, ITI Growth Opportunities, believes the intensifying valuation race between Anthropic and OpenAI represents far more than a private-market funding contest—it reflects the market's evolving view of the future of artificial intelligence. "What we are witnessing in the Anthropic–OpenAI valuation race is not merely a capital markets event; it is a verdict on what the world believes AI is ultimately meant to achieve," Gulati said.

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The prospect of two AI companies approaching trillion-dollar valuations and potentially entering public markets within a similar timeframe could become the defining capital markets event of the AI era. For investors, the key question extends beyond which company commands the higher valuation today. The more important debate is whether a safety-first approach or a scale-first strategy ultimately captures the enterprise infrastructure layer that is likely to underpin the next generation of computing.