Anthropic has submitted a confidential draft registration statement to the SEC for a proposed initial public offering, less than a week after closing a $65 billion Series H round that pushed its valuation to $965 billion.
The filing marks a dramatic arc for the company, founded in 2021 by former OpenAI employees and long considered a distant rival to ChatGPT. Revenue has surged from $9 billion at end of 2025 to an annualised run rate of $47 billion, driven by enterprise adoption of Claude and Claude Code.
The IPO sets up a direct market contest with OpenAI, which raised $122 billion in March at an $852 billion valuation and is preparing its own listing. SpaceX is simultaneously pursuing a $2 trillion IPO targeting over $75 billion raised.
Anthropic’s Mythos model, previewed in April but kept restricted over cybersecurity concerns, could further accelerate revenue once broadly released. Bloomberg reported Monday that Anthropic plans to give the EU’s cybersecurity agency access to Mythos ahead of wider availability.
