The race to list the world’s most valuable AI companies just got very real.
Anthropic, the AI lab behind Claude, filed confidentially for an initial public offering with the US Securities and Exchange Commission on Monday. The company, valued at close to $1 trillion, submitted a draft registration statement — and in doing so, got ahead of rival OpenAI, which is readying its own confidential filing.
TechCrunch confirmed the filing, while NBC News noted the Anthropic IPO could become one of the largest in US history — joining a trio of mega AI listings that includes SpaceX and OpenAI later this year.
How Big Is Anthropic?
The numbers behind the Anthropic IPO filing are genuinely extraordinary:
| Metric | Detail |
|---|---|
| Valuation | $965 billion |
| Latest Funding Round | $65 billion (Series H) |
| Revenue Run Rate | $47 billion |
| Revenue Growth (YoY) | ~370% |
| Previous Year Revenue | $10 billion |
| Founded | 2021 |
| Key Product | Claude AI |
CNBC’s IPO analysis confirmed the company’s revenue run rate surpassed $47 billion — up from $9 billion at the end of 2025. That level of growth is virtually unmatched in technology history at this scale.
NBC News added the valuation context: if Anthropic debuts at $1 trillion, it would immediately rank among the most highly valued companies in the world — likely the second or third-largest IPO ever, behind SpaceX and Saudi Aramco.
Why Anthropic Filed Before OpenAI
The competitive logic is straightforward. CNN’s IPO analysis confirmed many analysts believe whichever AI company reaches the public markets first will perform better in the funding race — because both Anthropic and OpenAI will be seeking tens of billions in new capital in short succession.
Wedbush Securities put it plainly: “This represents an opening of the floodgates for the IPO market, with these three major conglomerates set to go public later this year.”
NPR’s coverage of the filing noted Elon Musk’s SpaceX has already filed its prospectus and is preparing for a roadshow this week, with plans to debut next week. The Anthropic IPO would follow, with OpenAI expected to file its own S-1 in the coming weeks.
From OpenAI Defectors to $965 Billion
The origin story of the Anthropic IPO is worth understanding. TechCrunch confirmed Anthropic was founded in 2021 by a group of executives and researchers who defected from OpenAI over concerns about the company’s direction and safety practices.
Five years later, Anthropic has surpassed OpenAI in valuation. Its $965 billion figure exceeds OpenAI’s March 2026 valuation of $852 billion after that company’s recent funding round.
Bloomberg’s reporting attributed the surge in Anthropic’s value directly to Claude demand — the AI assistant’s rapid adoption by enterprise customers across industries.
CEO Dario Amodei, who led the walkout from OpenAI, is already worth $7 billion according to Forbes.
What Is Claude and Why Does It Matter?
Claude is Anthropic’s family of AI models — powering a popular chatbot, Claude Code (a coding assistant), and enterprise integration tools.
In late February, CNN Business confirmed Claude jumped to the number one slot on Apple’s chart of top US free apps. That consumer breakthrough, combined with strong enterprise adoption, underpins the revenue trajectory that makes the Anthropic IPO compelling.
For Pakistani users specifically, Claude is already accessible through Anthropic’s API and through Amazon Bedrock — meaning thousands of Pakistani developers and freelancers are already building on the platform that is about to become a public company.
What the Anthropic IPO Means for Pakistan’s Tech Sector
The Anthropic IPO carries direct implications for Pakistan’s growing technology industry.
For Pakistani AI developers and freelancers: A publicly traded Anthropic means more investment in AI infrastructure, better model quality, and potentially lower API pricing as the company scales. Claude is already used by Pakistani developers in coding, content, and data work.
For Pakistan’s IT export ambitions: Pakistan’s $10 billion IT export target requires staying relevant in AI-adjacent services. As Anthropic becomes publicly accountable for growth, investment in enterprise AI tools will accelerate — creating demand for the integration and customization work Pakistani firms can provide.
For Pakistani investors: Once Anthropic lists on a US exchange, Pakistani investors using international brokerage platforms can buy shares directly. At a potential $1 trillion valuation, even small positions represent meaningful exposure to the AI growth story.
The Anthropic IPO is also relevant to the conversation we started in our Pope Leo XIV AI encyclical article — the same Christopher Olah who stood alongside the Pope to present the encyclical on AI ethics is a co-founder of the company now filing to go public.
What Happens Next
Anthropic stated the proposed IPO “will depend on market conditions and other factors” — standard language for a confidential filing. If conditions hold, shares could begin trading on a US stock exchange by September or October 2026.
24PakTimes will continue covering major AI developments and their impact on Pakistan’s technology sector.
