Anthropic, the San Francisco-based artificial intelligence company behind the Claude assistant, has taken a formal step toward a public listing by confidentially submitting a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The company confirmed the filing on Monday, stating that it now holds the option to proceed with an initial public offering after the SEC completes its review. The number of shares and the price range have not yet been determined, and any IPO remains subject to market conditions.
The S-1 submission places Anthropic ahead of longtime rival OpenAI in the contest to access public capital markets. Both firms are widely expected to list before the end of 2026, but Anthropic's filing signals a more advanced timeline. The move comes just days after the company closed its Series H funding round, which raised $65 billion at a $965 billion post-money valuation. Lead investors included Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with additional participation from sovereign wealth funds such as GIC, large asset managers like Baillie Gifford and Blackstone, and growth equity firms including Coatue and Temasek.
Anthropic reported that its annualized run-rate revenue surpassed $47 billion earlier this month, driven by expanding enterprise adoption since its Series G closed in February. Chief Financial Officer Krishna Rao said the new capital will help the company meet historic demand, maintain its research edge, and deploy Claude more broadly across workplace environments. The revenue figure underscores the rapid growth of the AI sector, though it also raises questions about valuation sustainability—a topic that advisors are increasingly fielding from clients, as noted in recent industry surveys.
To support its compute needs, Anthropic has secured agreements with Amazon, Google, Broadcom, and SpaceX covering a combined ten-plus gigawatts of new capacity. Claude is now accessible across all three major cloud platforms—AWS, Google Cloud, and Microsoft Azure—with AWS remaining the primary training and cloud partner. This infrastructure push is critical as the company scales its offerings to meet demand from financial services and other sectors.
For wealth and asset management professionals, Anthropic has already established a notable footprint. The company has launched AI agents tailored for tasks such as pitch book construction, earnings review, KYC screening, and general ledger reconciliation. It has also partnered with LPL Financial and Orion to integrate Claude into advisor workflows. In the 2025 T3/Inside Information Software Survey, advisors using generative AI tools rated Anthropic among the highest-scoring providers, with a score of 8.10 out of 10. A recent collaboration with Rockefeller Capital Management further underscores the firm's push into the ultra-high-net-worth advisory space.
A public listing would give Anthropic a more efficient path to capital and stock that could be used for acquisitions as competition in the AI sector intensifies. The company was founded in 2021 by Dario Amodei, Daniela Amodei, and other former OpenAI researchers. As the IPO landscape for AI firms heats up—with SpaceX and OpenAI also expected to list—advisors are weighing entry timing and valuation risks, particularly as passive fund rebalancing could trigger significant market moves.
