Anthropic Files Confidential IPO Paperwork as AI Firms Seek Funding

Anthropic submitted a confidential draft registration statement for an initial public offering on Monday. The filing begins the regulatory review process without immediate public disclosure of financial details or offering size. The company stated that the amount of money it seeks to raise and the valuation at which it will offer shares have not been set.

Timing of any listing will depend on market conditions and other factors, according to the announcement.

A confidential filing allows companies to receive regulatory feedback before deciding whether to proceed publicly. Anthropic's submission gives other AI firms an opportunity to observe investor reaction before finalizing their own plans. The first company to list could capture initial investor interest.

The second entrant might face reduced demand or comparisons to the earlier offering, a late-stage company analyst noted in a research note.

Anthropic last raised $65 billion at a post-money valuation of $965 billion in late May. Its annualized revenue reached $47 billion based on sales from an unspecified time frame last month. The company reported that it spent more on cloud computing and staff than it collected in revenue, resulting in losses.

The filing with the U.S. Securities and Exchange Commission allows regulators to review the document covering the company's goals, finances, and challenges. OpenAI had been reported last month as preparing its own confidential filing. Neither company has confirmed whether OpenAI has already submitted documents.

OpenAI's chief executive said the company is focused on technology development rather than IPO timing. He stated that going public is a financing decision and that the company will proceed when it determines the timing is appropriate. The IPO could also be a boon for large shareholders such as Amazon and investors that made some of the first bets on the company, including Skype cofounder Jaan Tallinn.

Anthropic's complicated corporate structure and governance, including its status as a public benefit corporation that partly answers to a committee the company calls a Long-Term Benefit Trust, could lead to both delays and a knockdown in valuation.