Anthropic Moves the AI Race to Wall Street

Anthropic, the developer of the AI model Claude, has taken a major step toward becoming a publicly traded company by filing confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission on June 1. The company, valued at $965 billion, stated that its IPO plans depend on market conditions and SEC review, positioning itself ahead of rivals like OpenAI, which is also reportedly preparing for a listing. If both Anthropic and OpenAI proceed, alongside SpaceX’s expected Nasdaq debut on June 12, Wall Street could see a historic influx of $4 trillion in private-market value entering public markets. The IPO filing marks a pivotal moment in the AI industry, as Anthropic seeks to define the public perception of AI companies—highlighting growth, risks, and market potential. The company’s ticker symbol, once assigned, will set a benchmark for investor expectations and public valuation of AI firms beyond private fundraising. Prediction markets like Kalshi suggest a high likelihood (92.5% probability) that Anthropic will confirm its IPO before November 1, with October or November as the most probable timeline, though challenges like its near-trillion-dollar valuation and legal disputes—including a Pentagon supply chain risk designation and a copyright infringement lawsuit—could complicate the process. Anthropic’s push to go public comes amid speculation about whether the AI boom’s valuations will hold in public markets. The company has faced scrutiny over its rapid growth, including a lawsuit challenging its Pentagon contract over supply chain risks. Internally, Anthropic has kept details of its Mythos model—a claimed frontier cybersecurity tool—private, despite its potential to uncover vulnerabilities in major operating systems and web browsers. The race to IPO between Anthropic and OpenAI reflects broader industry shifts, with both companies vying to set the standard for AI valuation and market trust. Analysts and traders are closely watching the SEC’s review process, which could accelerate or delay the listing, while also assessing whether the hype surrounding AI will translate into sustained public-market success. The outcome could redefine how investors and regulators view the AI sector’s future.