Anthropic vs OpenAI: AI Giants Race Toward Historic Trillion-Dollar IPO, Record $65 Billion Funding Round

Artificial intelligence powerhouse Anthropic has confidentially filed for a U.S. initial public offering (IPO), positioning itself ahead of rival OpenAI in what could become one of the most significant races in the AI industry’s history. The filing marks a major milestone for the rapidly expanding artificial intelligence sector and will serve as a crucial test of investor enthusiasm for AI companies that have transformed workplaces, business operations, and global technology markets.

Anthropic Moves Ahead in the AI IPO Race

Anthropic, the developer behind the agentic coding assistant Claude Code, did not reveal the size or pricing details of the proposed offering. The company recently secured funding that valued it at approximately $965 billion on a post-money basis, surpassing OpenAI’s valuation and strengthening its position in the AI landscape.

Confidential IPO filings allow companies to advance listing preparations while keeping sensitive financial information private from competitors and the public during the early stages of the process. The move comes shortly after the highly anticipated IPO plans of SpaceX, which is reportedly pursuing a $75 billion offering at a valuation of around $1.75 trillion and could begin trading in the coming weeks.

Growing Investor Interest in Artificial Intelligence

OpenAI and Anthropic have emerged as two of the most influential companies driving the global AI boom. Their rapid expansion has reshaped corporate priorities, intensified competition for computing resources, and elevated AI-related firms to some of the highest valuations in the market. ‘OpenAI and Anthropic are in a race to go public before capital runs out,’ D.A. Davidson analyst Gil Luria said.

‘The other reason for Anthropic to try to beat OpenAI out to the public market is that they will get to set the agenda for how a frontier model reports financials and do so in a way that is favorable to their financial model.’ OpenAI is also reportedly preparing a confidential U.S. IPO filing in the coming weeks, according to a source familiar with the matter, adding to expectations of several blockbuster public offerings over the next year.

Valuation Surges as Funding Continues

Anthropic’s valuation has risen dramatically in 2026. The company was valued at approximately $380 billion in February when it raised $30 billion in fresh funding, before nearly tripling its worth within months.

Its rapid growth earlier this year triggered concerns across financial markets, contributing to declines in some software and information technology stocks as investors assessed the potential impact of increasingly autonomous AI systems on traditional business models. The company’s latest fundraising round attracted support from a mix of major Silicon Valley and Wall Street investors, including Blackstone, Brookfield, D1 Capital Partners, GIC, General Catalyst, and Insight Partners.

IPO Could Reshape US Capital Markets

As several large companies prepare to enter public markets, competition for investor capital is intensifying. Analysts believe timing could play a significant role in determining the success of these offerings.

‘The combined demand for capital from SpaceX, OpenAI, and Anthropic will be so considerable that it is likely to create disruptions in the capital markets, so going early will be a great advantage,’ Luria said.

A public listing by Anthropic would likely rank among the most consequential stock market debuts in recent years, with the potential to influence benchmark indexes, investment flows, and broader market sentiment surrounding artificial intelligence. At a valuation approaching $1 trillion, Anthropic could immediately join the ranks of the largest companies in major U.S. equity indexes, placing it alongside some of the world’s most valuable corporations.

IPO Market Gains Momentum in 2026

An Anthropic IPO would provide a significant boost to the U.S. IPO market, which has struggled for several years despite signs of recovery in recent months. However, market experts caution that a listing of this scale could absorb substantial investor attention and capital, potentially affecting smaller offerings.

According to Dealogic data, companies raised approximately $87.5 billion through IPOs by May 26, marking the strongest year-to-date performance since 2021. Several other notable public offerings are expected soon, including those from Honeywell-backed quantum computing company Quantinuum, Blackstone-backed Liftoff, and gas engine manufacturer Innio.

(Inputs From REUTERS)

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