Anthropic is reportedly preparing for potential 2026 IPO as valuation soars past $300 billion

Anthropic is laying early groundwork for one of the largest tech IPOs of the coming cycle, according to the Financial Times, which reported that the Claude developer is holding preliminary talks about going public as early as next year.

FT reported that the AI startup has brought in Wilson Sonsini Goodrich & Rosati—one of Silicon Valley’s most prominent IPO law firms—to start mapping out what a listing could look like. The firm has handled major tech debuts for Google, LinkedIn, Lyft, and other industry giants.

Anthropic Moves Toward IPO, Positioning for Public Market Race With OpenAI

The discussions signal that Anthropic is preparing itself for the level of scrutiny and transparency expected of a publicly traded AI lab. People close to the company told the FT that Anthropic is aiming to nearly triple its annualized revenue before any formal IPO process begins. The company is still weighing the timing, and no final decision has been made. OpenAI is exploring similar paths, raising the possibility that the two most visible frontier model companies could end up competing for attention on public markets.

Anthropic has secured tens of billions of dollars from strategic partners eager to lock in access to its models. That support has pushed the company into a rare tier—one of the few labs capable of training trillion-parameter systems with their own data center footprint. A public listing would offer a clearer view into how Anthropic manages its burn rate, compute spending, talent costs, and safety processes, all of which have drawn intense interest from policymakers and researchers tracking how frontier labs operate. The timing could hinge on broader market sentiment and whether the current AI investment cycle keeps its momentum.

The AI startup, led by co-founder and chief executive Dario Amodei, is also pursuing a large private fundraising round. Reports say the company could be valued at above $300 billion, with a combined $15 billion commitment from Microsoft and Nvidia. Another FT source said Anthropic has been preparing for a potential IPO, though those details remain largely under wraps. Discussions with central investment banks have taken place, but sources described them as informal and far from binding.

The company has been reshaping its leadership bench as well. It recently hired Krishna Rao, who played a key role in Airbnb’s 2020 IPO—a sign that Anthropic is building out the finance and operational muscle needed for a public-company trajectory. Valuations continue to surge as well. CNBC reported last month that the company was valued at $350 billion following new investments from Microsoft and Nvidia.

Anthropic’s expansion strategy hasn’t slowed either. The company announced a massive $50 billion AI infrastructure build-out spanning Texas and New York, and has tripled its international workforce as it races to compete with OpenAI for model leadership and enterprise adoption. Investors quoted by the FT say they believe Anthropic could “seize the initiative” if it moves first with an IPO.

OpenAI has been linked to its own potential listing. However, its CFO recently told reporters the company is “not pursuing a near-term listing,” even after closing a $6.6 billion share sale at a $500 billion valuation in October.

For Anthropic, a public debut would set fresh benchmarks across valuation, financial transparency, and governance for the next wave of AI startups. Whether it follows through on that path—or prepares itself as if it were already public—remains one of the biggest questions for the sector heading into 2026.