Anthropic Confidentially Files IPO Prospectus With SEC Amid Record Valuation, Revenue Run Rate, and Looming Margin Scrutiny

Anthropic filed its IPO prospectus confidentially with the Securities and Exchange Commission on Monday. The filing follows the company's $965 billion valuation and $47 billion revenue run rate reached toward the end of May. The move positions Anthropic ahead of rival OpenAI in the race for a public listing.

U.S. Department of Defense in February before filing. Harrison Rolfes, an analyst at PitchBook, said the confidential S-1 filing starts the clock on the most scrutinized public offering in tech history.

Rolfes added that gross margin, not the headline valuation or revenue figures, will determine the outcome because no one outside the company has seen that number. , said Anthropic appears to have the lead in frontier AI models. Luria noted that current usage is largely for trials and experimentation that may not continue.

Eric Goodness, VP analyst at Gartner, said the disclosure will reprice private competitors and give every enterprise a way to value and price the future cost of intelligence inside their companies. Anthropic co-founder and CEO Dario Amodei spoke on an artificial intelligence panel at Moscone Center in San Francisco during Inbound 2025 Powered by HubSpot in September.

On Tuesday the company said an additional 150 partners will gain access to its Mythos AI model, which has proven adept at finding software vulnerabilities.

77 trillion valuation. The European Commission proposed measures on Wednesday to bolster homegrown chips, AI and cloud services. Uber announced it is cutting 23 percent of jobs in its people division.

Fintech startup Ramp reached a $44 billion valuation. Broadcom posted weaker-than-expected revenue in its fiscal second-quarter earnings on Wednesday after the bell, sending its stock lower on Thursday and triggering a broader semiconductor sell-off.