Anthropic Beats OpenAI to IPO, Confidential Filing Reveals $65B Run Rate

AI developer Anthropic has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission, targeting an initial public offering as early as this fall. The move positions the company to potentially precede rival OpenAI onto Wall Street. Concurrently, Anthropic informed investors that its annualized revenue run rate reached sixty-five billion dollars at the end of July, propelled by accelerated enterprise adoption of its Claude platform and preliminary second-quarter revenues exceeding eleven billion dollars. The upcoming public offering arrives amid intense public scrutiny following the U.S. Department of Defense's decision to sever ties over the company's refusal to relax ethical constraints regarding autonomous weapons and domestic surveillance. Financial institutions including Morgan Stanley, Goldman Sachs, and JPMorgan Chase are managing the offering. The planned debut serves as a primary valuation test for institutional investors evaluating the commercial profitability and capital intensity of leading artificial intelligence enterprises.