Anthropic has engaged Wilson Sonsini to begin legal preparations for an initial public offering (IPO), targeting completion as early as 2026. According to people familiar with the matter, Anthropic investors broadly support the plan, believing that going public ahead of larger competitor OpenAI would secure a first-mover advantage in the AI industry’s capital race.
Valuation Anchored Above $300 Billion
If Anthropic lists at a valuation above $300 billion, it would be one of the largest IPOs in the AI sector. For comparison, Anthropic’s $30 billion financing round in February 2026 was priced at a $350 billion valuation—and Google has since announced additional investments of up to $40 billion at the same valuation.
This means the IPO valuation is likely to fall in the $300-350 billion range, consistent with the latest primary market pricing.
| Metric | Data |
|---|---|
| IPO Window | Earliest 2026 |
| Expected Valuation | $300-350 billion |
| Latest Funding Round | $30 billion (Feb 2026) |
| Google Additional Investment | Up to $40 billion |
| Lead Counsel | Wilson Sonsini |
Why Race Ahead of OpenAI
OpenAI is still in the midst of a massive $122 billion financing round, making a near-term IPO unlikely. If Anthropic goes public first, it would achieve several strategic objectives:
- Public market liquidity: Early investors and employees could exit through secondary markets, easing primary market capital pressure
- Establish a valuation anchor: Set a pricing benchmark for AI companies in public markets, influencing subsequent competitor IPO valuations
- Strategic flexibility: Public companies gain more transparent capital instruments for compute procurement, talent acquisition, and enterprise partnerships
However, the IPO timeline depends on several variables: regulatory requirements for AI company disclosures, stability of the US equity market window, and whether Claude products can demonstrate scalable revenue growth sufficient to support the valuation narrative.
Risks and Watch Points
A $300 billion valuation for an AI model company that has not yet achieved profitability implies exceptionally high market expectations. Anthropic must continue proving that products like Claude Code can deliver scalable revenue growth—not just reliance on a handful of large enterprise customers and cloud service agreements.
Additionally, the AI IPO track is becoming crowded. Chinese model companies like Zhipu and MiniMax have already listed on the Hong Kong Stock Exchange. Whether global capital’s appetite for AI assets will persist through year-end will directly impact Anthropic’s IPO window.