The AI boom has been one of the biggest investing stories of the past few years. Nvidia became one of the most valuable companies on earth. Microsoft, Google, and Amazon poured hundreds of billions into infrastructure. But the companies actually building the models at the center of it all have stayed private, leaving most investors on the outside looking in.Anthropic, the company behind Claude, is about to change that. Bankers are now lining up investor meetings ahead of a potential October IPO, and the process is far enough along that this is no longer a rumor. The company behind one of the most widely used AI models in the world is preparing to go public, and the numbers it’s bringing to market are striking.What Anthropic’s IPO preparation actually looks like right nowAnthropic filed its draft registration statement with the SEC on June 1, 2026. The filing was confidential, meaning the prospectus isn’t public yet. Since then, Morgan Stanley, Goldman Sachs, and JPMorgan Chase have been brought in as lead underwriters, according to CNBC. Those are Wall Street’s three largest banks by revenue. The fact that all three are on the deal signals this is being treated as a major market event.Bankers are now setting up meetings between Anthropic executives and prospective institutional investors. Think of it as the AI company going on a listening tour before it actually asks anyone to write a check. The banks want to know what price range the market will support, what questions investors have, and whether demand is sufficient to pull off a deal this big. October is the target date, though that could change, depending on what they hear and how the SEC review of the confidential filing goes.Wilson Sonsini, the law firm that managed Google’s 2004 IPO, is handling Anthropic’s public market readiness. That’s not a random choice. It’s a signal about ambition.The numbers behind Anthropic’s near-trillion dollar valuationAnthropic closed a $65 billion Series H funding round in May 2026 at a post-money valuation of $965 billion, according to Investing.com. That pushed it above OpenAI’s valuation for the first time. It also put the company within range of becoming the first AI model developer to cross a trillion dollars in value before going public.More AI:The new Chinese AI model rattling U.S. tech investorsAnthropic restores access to Mythos 5 for select organizationsSoftBank CEO offers stinging critique of Musk’s AI betThe revenue numbers are hard to wrap your head around. Anthropic’s annualized revenue was around $9 billion at the end of 2025. By April it was $30 billion. By late May, the company said it had crossed $47 billion. That’s the same company, six months later, with five times the revenue run rate. The growth came from enterprises piling into Claude and from Claude Code, the company’s agentic coding tool, which had already hit $2.5 billion in its own annualized revenue by February.
Bankers are now setting up meetings between Anthropic executives and prospective institutional investors.Yeh/Getty Images
Why Anthropic is racing to beat OpenAI to the public marketsOpenAI also filed a confidential S-1 in late May 2026. It has Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan working on its deal. But OpenAI has since pushed its IPO target from fall 2026 to 2027, according to CNBC. That gives Anthropic a window to be first.Being first matters for two reasons. The company that goes public first sets the valuation benchmark for the sector. And if AI enthusiasm fades later in the cycle, being first means accessing institutional capital before sentiment shifts. Kalshi prediction markets put Anthropic’s probability of listing before OpenAI at 72%.SpaceX’s June IPO is the comparison point everyone is watching. It was the first blockbuster AI-adjacent listing of the year. If Anthropic prices well and the stock holds, it could open the window for the biggest wave of AI IPOs since the technology emerged into mainstream consciousness.The risks that will face Anthropic as a public companyThe story isn’t clean. Anthropic is spending $1.25 billion per month on computing capacity through a deal with SpaceX, which runs through May 2029, according to The Next Web.That’s an annualized infrastructure commitment of $15 billion from a single supplier. Total compute spending in 2026 is estimated at roughly $19 billion. At $47 billion in annualized revenue with gross margins around 40%, the path to sustained profitability is real but not immediate. The company doesn’t expect to be profitable until 2028.There’s also a revenue accounting question. Analysts have flagged that the $47 billion annualized figure may include committed contract value that hasn’t been recognized as revenue yet, the Under the Market Lens Substack noted. That distinction matters to public market investors, who will be valuing the company on actual revenue, not on what contracts say could come in.The Pentagon designated Anthropic as a supply-chain risk earlier this year, the BBC reported. That hasn’t killed its enterprise momentum, but it’s an overhang that public investors will want management to address directly in the prospectus and on roadshow calls.What Anthropic’s IPO means for AI investors and the broader marketThe IPO market has already had its strongest year since 2021. Companies have raised $227.5 billion globally through listings this year, excluding SPACs, according to CNBC. Anthropic at $60 billion would be one of the largest raises in history.For investors who have wanted direct exposure to the AI model layer, this is the first real opportunity at scale. Nvidia gives you the chips. Microsoft and Google give you the platforms. Anthropic would give you the model company itself, the one building the AI that enterprise clients are increasingly choosing over the alternatives.Whether the market will pay a premium valuation for a company still burning cash at scale is the central question. The investor meetings happening right now are the first real test. What institutional buyers tell those bankers over the next few weeks will determine whether October becomes a milestone for AI investing, or a story about what the public market wasn’t quite ready for.Related: Elon Musk says he was wrong about Anthropic