Anthropic files for US listing as AI IPO race accelerates

2026-06-02

Progress in listing preparations

US startup Anthropic said on the first that it had filed for a stock listing in the United States. Among the three leading startups in artificial intelligence, including OpenAI, a year-end listing is looking increasingly realistic.

On the same day, the company submitted an S-1, the draft prospectus for an initial public offering, to the US Securities and Exchange Commission (SEC) on a confidential basis. It has not disclosed its financial results, the size of the share sale and offering, the offer price or the exchange where it plans to list. Going forward, it is expected to disclose the details a few weeks before the listing date, after discussions with regulators.

Eyeing a market value above $1 trillion

The IPO is expected to target a valuation far above $1 trillion, or about 160 trillion yen. Although still private, Anthropic reached a valuation of $965 billion in a capital raise in late May.

Alongside SpaceX, which is set to list on Nasdaq in June at a market value of about $1.8 trillion, and OpenAI, whose current valuation stands at $852 billion, the three companies are now seen aiming together for new listings above $1 trillion within 2026. Anthropic had long been expected to list this year, and the filing has now brought forward the possibility. If the review proceeds smoothly, it could list as early as September. OpenAI has also been reported to be preparing a listing application soon for an IPO as early as around September.

The three companies are expected to raise about $190 billion, or roughly 30 trillion yen, in total. The AI startups alone could surpass global IPO proceeds for 2025.

Investment race heats up as AI agents expand

Behind the rush to prepare for listings is a view that competition has reached a critical point as AI performance improves. Since 2022, conversational AI represented by OpenAI's ChatGPT has been at the centre of the boom. Adoption has grown, but there has also been a persistent view that the main market is consumers and monetisation is difficult.

In the second half of 2025, Anthropic rolled out a high-performance model, advancing the practical use of AI agents that automate a wide range of tasks. With the start of 2026, sales of high-priced enterprise agents have broadened. Anthropic's annualised revenue has reportedly expanded to more than five times the level at the end of 2025. For the companies, the cash-generating phase has clearly begun.

At the same time, investment expansion to support surging AI demand is unavoidable. Advanced agent processing requires huge computing resources such as semiconductors. Whether companies can secure the infrastructure to provide AI will determine how far their businesses can expand. Competition to lock in corporate customers ahead of rivals, accumulate data and develop even higher-value AI is also intensifying.

Turning to public market money

Until now, the companies have repeatedly raised funds while remaining private, but public markets offer deeper pools of capital. According to US Dealogic, equity capital raised in global public markets in 2025 totals about $960 billion. On a simple comparison, that is equivalent to 1.9 times the amount of global startup investment tallied by US PitchBook.

There is even more money looking for promising investments. Elon Musk, who leads SpaceX, has said that a listing would give access to money that is 'at least 10 times, and maybe 100 times' larger.

The push to secure war chests while the AI market is booming is also shared by Big Tech focused on AI. Alphabet, the parent of US Google, said on the first that it planned to raise up to $80 billion. Flexible fundraising through bond issuance and share sales works in favour of listed companies.

Listing race with OpenAI also intensifies

Anthropic and OpenAI are also competing over the order of their IPOs. Sam Altman, CEO of OpenAI, said on the first in an interview on CNBC that the company would go public at 'the right time for us', denying a race to be first with Anthropic.

Even so, Altman has reportedly long signalled to people around him that he wanted to IPO before the company. Anthropic was founded in 2021 by CEO Dario Amodei and others who had clashed with Altman. The two sides have also criticised each other in the past.

Anthropic's rising presence has forced OpenAI to shift course, including retreating from video AI and focusing on its enterprise business. If Anthropic lists first, the outcome could also affect the later OpenAI. Concerns remain that market conditions could deteriorate.

Weighing the advantages of moving first or later

For now, Anthropic has momentum, with its advanced cyber capabilities in Claude MuTos drawing global attention. David Erickson of Columbia University in the US said that 'Anthropic appears to have a clearer business model and cleaner financial statements'.

On the other hand, going public opens access to public-market capital but also increases pressure to improve profits and losses. In the past, US Lyft went public first but later lost ground to rival US Uber Technologies. Move first or follow later? Which is ultimately more advantageous remains uncertain.

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