Anthropic could publicly file paperwork for an initial public offering as soon as the end of this month, according to people familiar with the matter, a timeline that would put the Claude chatbot maker ahead of rival OpenAI in the race to list.
The company confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission in June, and Axios reported that Anthropic's annualized revenue run rate reached roughly $65 billion by the end of July, up from $47 billion in mid-May. The company's second-quarter revenue came in above $11.5 billion — about 14 times what it reported in the same period of 2025 — and Anthropic posted positive adjusted operating income for the quarter, an unusual milestone for a company still spending heavily to train and run frontier AI models. Anthropic's most recent private funding round, a Series H in May, valued the company near $965 billion; people briefed on the IPO planning have said Anthropic could seek a public listing valuation approaching $2 trillion.
A risk factor: the public itself
CNBC reported that Anthropic's prospectus will list public backlash against AI — and against the data centers that power it — as a formal risk factor, warning that opposition could slow the construction Anthropic depends on for growth. The disclosure follows a Gallup survey published in May finding seven in ten Americans oppose new AI data centers being built near them, amid mounting concern over electricity use, water consumption and job displacement.
Anthropic Chief Executive Dario Amodei addressed the backlash directly in a social media post this month, rejecting the idea that AI executives' own warnings about the technology's risks are driving public distrust.
I think it is fundamentally a crisis of trust. I think that ordinary people don't trust companies, governments, or the tech industry and always suspect that we are cooking up some new way to screw them over.
Dario Amodei, Chief Executive, Anthropic
The company has also tangled directly with the federal government this year. In February, the Pentagon moved to bar agencies and military contractors from doing business with Anthropic after it refused to let Claude be used for autonomous weapons or domestic surveillance, and the Defense Department formally labeled Anthropic a "supply chain risk." Anthropic sued, and a federal judge blocked the designation in March — a dispute that underscores the tension between Anthropic's federal ambitions and its safety-focused positioning.
What's next
Anthropic hasn't confirmed a filing date, and the company's private valuation and revenue figures — drawn from investor materials rather than audited public filings — could shift once the S-1 becomes public. If Anthropic does file by month's end, it would beat OpenAI to market; OpenAI's own IPO isn't expected until late 2026 or early 2027. Bankers and investors will be watching the risk-factor language closely for how frankly Anthropic characterizes both the regulatory fights and the public skepticism it's facing on the way to what could be one of the largest tech listings in years.
