Why it matters. Anthropic and OpenAI are the two most valuable companies in the global AI race, and an IPO by either would be one of the largest tech listings in years, shaping how the industry is funded.
Background. This article comes from Hankyoreh, a major progressive South Korean newspaper. Neither company is Korean, but the story carries high stakes for South Korea: its firms — Samsung and SK hynix — supply much of the world's advanced AI memory chips, so an AI investment boom directly drives Korean export revenue and stock markets.
What to watch next. Watch whether OpenAI files its own IPO paperwork before year's end, and when Anthropic's SEC review clears enough to set a share price and listing date.
Anthropic, the U.S. generative artificial intelligence company behind the Claude chatbot, confidentially filed draft IPO paperwork with the U.S. Securities and Exchange Commission (SEC) on June 1, putting it a step ahead of its chief rival OpenAI in the race to go public.
The San Francisco-based firm announced on its website that it had “confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock.” The company said it would have the option to go public once the SEC completes its review, adding that the actual timing and price of any offering would depend on market conditions and other factors. The number of shares and the price range have not yet been set.
Why Anthropic Moved First
The filing reflects Anthropic’s recent surge. On May 28, a new funding round valued the company at roughly $965 billion — about $113 billion higher than the $852 billion valuation OpenAI carried as of March. It was the first time Anthropic has been valued above its larger rival.
The momentum extends to revenue. Anthropic says its monthly sales, when annualized, now exceed $47 billion a year — nearly double OpenAI’s annualized run rate of about $25 billion as of February. OpenAI, which is also preparing an IPO this year, has not yet filed.
Analysts say there is a strategic prize in moving first. Bloomberg noted that whichever company enters the public market sooner gains an immediate edge in securing the chips, data centers, and talent needed to build advanced AI models. The New York Times described Anthropic’s filing as joining “a once-in-a-generation moment” of wealth creation on Wall Street.
OpenAI Downplays the Race
OpenAI chief executive Sam Altman dismissed any rivalry over IPO timing. In an interview with CNBC the same day, he said that while competition exists “to provide the best technology,” going public is “just a financing event,” adding that he did not think his company was focused on when Anthropic lists.
An IPO, or initial public offering, is the process by which a privately held company first sells shares to the public. A confidential SEC filing lets a company begin the regulatory review without immediately disclosing its finances, giving it flexibility on when — or whether — to proceed.
Both companies are at the center of a fierce capital-raising contest, and being first to market could help Anthropic lock in investors before its rival arrives.
