Anthropic Engages Legal Counsel for Potential 2026 IPO as Valuation Approaches $300 Billion Milestone
News Summary
Anthropic, the artificial intelligence startup behind the Claude chatbot, has engaged law firm Wilson Sonsini to prepare for an initial public offering that could occur as early as 2026. The company is in discussions for a private funding round that could value it at over $300 billion, positioning itself as a major competitor to OpenAI in the race to the public markets. While company representatives state no final decisions have been made about the timing or certainty of going public, the preliminary steps indicate serious intent to pursue a public listing.
The San Francisco-based AI company has begun laying the groundwork for what could become one of the most significant technology IPOs in recent history. Anthropic has hired Wilson Sonsini, the prestigious Silicon Valley law firm, to handle IPO-related preparations, a move that signals the company's commitment to exploring the public markets route. The firm has previously guided numerous tech giants through successful public offerings, including Google and LinkedIn.
According to sources familiar with the matter, Anthropic has held discussions with major investment banks about a potential IPO, though these conversations remain in early and informal stages. The company has not yet selected underwriters for the offering, indicating that substantial work remains before any public debut.
The potential valuation figures are striking. Anthropic is negotiating a private funding round that could give the startup a valuation exceeding $300 billion, a remarkable jump from its most recent valuation of $183 billion following a $13 billion Series F funding round completed in August 2025. This would place Anthropic among the most valuable private companies globally and set the stage for an IPO that could rival or exceed many recent major tech listings.
The financial trajectory underpinning these valuations is equally impressive. CEO Dario Amodei's company is projecting to more than double and potentially nearly triple its annualized revenue run rate to around $26 billion next year. This growth is driven by rapid enterprise adoption of its Claude AI models and related services. The company currently serves more than 300,000 business and enterprise customers, demonstrating strong market traction in the competitive AI landscape.
Anthropic's revenue acceleration has been remarkable. The company achieved a $5 billion annualized revenue run rate by mid-2025, with projections suggesting a $9 billion run rate by year-end 2025. By 2026, analysts expect revenues could reach $26 billion, powered by enterprise API usage, developer tools such as Claude Code, and consumer subscriptions. Some longer-term forecasts even suggest revenues could climb to $70 billion by 2028, with profit margins potentially reaching 77 percent.
The strategic rationale for going public is multifaceted. An IPO would provide Anthropic with an efficient mechanism to raise capital for continued expansion in the capital-intensive AI sector. Additionally, public stock would give the company enhanced leverage for larger acquisitions, a capability that could prove crucial as consolidation in the AI industry accelerates. The company recently made its first acquisition, purchasing the JavaScript tooling company Bun, signaling its ambitions to become a more vertically integrated AI firm.
Anthropic's IPO preparations occur against the backdrop of massive infrastructure investments. The company has announced a $50 billion AI infrastructure buildout, including new data centers in Texas and New York. These facilities, developed in partnership with Fluidstack, are expected to come online between 2026 and 2027, creating approximately 800 permanent jobs and 2,400 construction positions. This infrastructure expansion addresses the energy-intensive nature of AI development and positions Anthropic to meet surging demand for AI training and inference capabilities.
The company's corporate structure adds an interesting dimension to its public offering plans. Anthropic operates as a Public Benefit Corporation, with a Long-Term Benefit Trust holding special class shares that grant escalating board-election rights. Over time, this independent body of technical and safety experts will elect a majority of directors, providing meaningful oversight of strategic decisions. How this governance model translates to public markets and how it will be presented in SEC filings remains a focal point of interest.
Anthropic's move toward public markets directly parallels similar efforts by its primary competitor, OpenAI. Microsoft-backed OpenAI is reportedly preparing for what could rank among the largest IPOs ever, with a potential valuation approaching $1 trillion. OpenAI may file with securities regulators as early as the second half of 2026, though the company's CFO has stated that an IPO is not in the near-term plans. The potential for both companies to go public in close succession could create what some analysts call the biggest one-two IPO sequence in AI history.
The competitive dynamics between Anthropic and OpenAI extend beyond the race to public markets. Both companies are vying for enterprise customers, developer mindshare, and compute resources in an increasingly crowded AI landscape. OpenAI has dominated headlines with ChatGPT, while Anthropic has differentiated itself through an emphasis on AI safety and its Constitutional AI approach. Anthropic's Claude models have gained significant traction, particularly among enterprise customers who value the company's focus on safety and responsible AI development.
Investor enthusiasm for Anthropic's potential IPO is reportedly strong. Sources suggest investors view the offering as an opportunity for Anthropic to seize the initiative from OpenAI in the public markets. The company's backing by tech giants Amazon and Google, along with substantial investments from other major players, provides additional credibility and financial stability as it contemplates going public.
However, the path to a successful IPO is not without challenges. The listings of Anthropic and potentially OpenAI will test investor appetite for loss-making AI startups amid ongoing concerns about an "AI bubble." While both companies are demonstrating rapid revenue growth, they are also spending aggressively on infrastructure, research and development, and talent acquisition. Anthropic has stated it targets break-even by 2028, with declining cash burn as operations scale.
Market conditions in 2026 will play a crucial role in determining the timing and success of any Anthropic IPO. The company is preparing for public market discipline, tightening accounting controls and drafting risk frameworks tailored to frontier-model development. If market conditions cooperate and the company's growth trajectory continues, early 2026 appears to be a realistic window for a public debut.
The broader implications of Anthropic's IPO preparation extend beyond the company itself. A successful public offering could validate the massive valuations being assigned to AI companies and demonstrate that real revenue and customer traction exist behind the AI hype. Public filings associated with an IPO would also bring unprecedented transparency to the economics of frontier AI development, showing investors whether AI spending is delivering tangible results.
An Anthropic spokesperson emphasized the company's position, stating it is standard practice for companies operating at their scale and revenue level to effectively operate as if they are publicly traded companies. However, they stressed that no decisions have been made about when or whether to go public, and there is no news to share at this time.
As AI adoption continues to gain pace, driven by higher enterprise technology spending and growing investor appetite for AI exposure, Anthropic's preparations for a potential 2026 IPO represent a significant milestone in the evolution of the AI industry. Whether the company ultimately proceeds with a public offering will depend on market conditions, competitive dynamics, and the company's assessment of its readiness for the scrutiny and demands of operating as a public company.
The next 12 to 18 months will be crucial in determining whether Anthropic's IPO ambitions materialize. If successful, the offering could redefine expectations for AI company valuations and governance structures, while providing a blueprint for other AI startups contemplating the public markets. For now, the company continues to focus on scaling its enterprise business, expanding its infrastructure, and advancing its AI capabilities, all while keeping the option of a public offering firmly on the table.