AI Giant Anthropic Initiates IPO Preparations, Fueling Market Speculation and AI Sector Valuation Surge

Anthropic, the artificial intelligence startup behind the Claude chatbot, has formally engaged the prominent U.S. law firm Wilson Sonsini Goodrich & Rosati to begin groundwork for a potential initial public offering (IPO), according to a report by the Financial Times. The move represents a significant step toward a public listing, which sources suggest could occur as early as 2026, though the company has not finalized any decisions regarding timing.

The legal and structural preparations are underway, with Wilson Sonsini—which has advised Anthropic since 2022 and has a history with major tech IPOs like Google and LinkedIn—supporting readiness work. Internally, Anthropic has been working through a checklist of governance and operational changes required of a public company, including the strategic hire of former Airbnb IPO executive Krishna Rao as Chief Financial Officer in 2023.

Concurrently, Anthropic is pursuing a massive private funding round that could value the company above $300 billion. Reports indicate early commitments totaling $15 billion from tech giants Microsoft and Nvidia, with CNBC noting a recent valuation as high as $350 billion. This positions Anthropic among the world's most valuable private tech companies, intensifying a rivalry with OpenAI, which itself attained a $500 billion valuation in a recent share sale.

The potential IPOs of both Anthropic and OpenAI are setting the stage for a closely watched race to the public markets. Investors believe Anthropic could "seize the initiative" by going public first, amidst aggressive expansion including a $50 billion AI infrastructure build-out and tripling its international workforce. However, the move raises broader questions about investor appetite for capital-intensive AI labs and whether current valuations reflect sustainable business models or a bubble.