Anthropic files confidential S-1, blazing toward blockbuster IPO

The race to IPO is on: Anthropic just filed its confidential S-1 draft.

On Monday morning, the AI juggernaut announced it had turned in its first IPO proposal to the U.S. Securities and Exchange Commission. It’s a major step in the rush toward a public listing, as Anthropic and rival OpenAI race to claim billions of dollars and stake their claim on the AI narrative.

A confidential S-1 filing usually comes about six to nine months before a company actually hits the public marketsthough that range can vary widely. OpenAI is also racing to IPO, with Business Insider reporting in mid-May that the ChatGPT-maker was preparing its own confidential prospectus.

It hasn’t been confirmed whether OpenAI has filed its confidential S-1 yet. The company did not immediately respond to Business Insider’s request for comment. Anthropic declined to comment.

The rivals’ IPOs are each widely expected to place the companies at valuations above $1 trillion, marking a seismic shift in the public markets and a landmark in the fast-moving era of AI.

Just last week, Anthropic boosted its valuation to $965 billion in a new funding round.

This is a developing story.