Anthropic, backed by Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and Amazon.com (NASDAQ:AMZN), has reportedly begun laying the legal and financial groundwork for what could become one of the biggest tech IPOs in history as it races OpenAI toward the public markets.
Anthropic Steps Up IPO Preparations
Anthropic has tapped Silicon Valley firm Wilson Sonsini to begin early IPO preparations while it negotiates a funding round that could boost its valuation to more than $300 billion, reported the Financial Times, citing people familiar with the matter.
The move signals a significant escalation in the Claude-parent’s push toward a public debut that could come as early as 2026.
The firm, which has advised Anthropic since 2022, is known for steering landmark tech listings, including Google, LinkedIn, which was later acquired by Microsoft Corp (NASDAQ:MSFT) and Lyft Inc. (NASDAQ:LYFT).
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Valuation Could Surpass $300 Billion
Anthropic is currently in talks to raise a funding round that would value the company at more than $300 billion, the report said.
Last month, Microsoft and Nvidia Corp (NASDAQ:NVDA) committed $15 billion to the San Francisco-based startup as part of its next capital raise, which could push its valuation as high as $350 billion.
In September, Anthropic's valuation more than doubled to $183 billion after raising $13 billion in new funding.
Company Says No Decision Is Final
An Anthropic spokesperson told the publication that the company operates with the discipline of a listed firm but has not committed to going public.
It's common for companies at Anthropic's scale to function like public companies, the spokesperson said, adding that the startup has made no decisions about when or whether to go public.
Anthropic did not immediately respond to Benzinga's request for comments.
OpenAI is also quietly preparing for a potential IPO, though no timeline has been set, the report noted.
Anthropic's Revenue Run Rate Surges
In October, Anthropic said it expects to hit its internal target of a $9 billion annual revenue run rate by the end of 2025 and is projecting more than $20 billion in annualized revenue next year in its base case, with a potential upside of up to $26 billion.
The company also disclosed that its current annual revenue run rate is approaching $7 billion, up from just over $5 billion in August.
During the same time, OpenAI also outlined a five-year strategy focused on expanding revenue sources, securing debt financing, and raising additional capital to help meet its $1 trillion investment plan.
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