Anthropic Explores Massive IPO as Competition With OpenAI Intensifies

Anthropic has begun early discussions for a potential initial public offering, the Financial Times reported, engaging Wilson Sonsini, the law firm behind major tech listings such as Google and Lyft. While the process is still preliminary, speaking with major investment banks and preparing internally suggest the company is seriously evaluating a future listing.

The startup, led by CEO Dario Amodei, is also pursuing a large private funding round that could value the company north of 300 billion dollars. That figure reflects a surge of investor enthusiasm, especially after recent commitments of up to 5 billion dollars from Microsoft and 10 billion dollars from Nvidia. CNBC recently noted Anthropic’s valuation has already climbed to around 350 billion dollars.

Even without formal IPO plans, Anthropic says it operates as though it were publicly listed — standard practice for companies at its scale. Still, the hiring of former Airbnb executive Krishna Rao, who helped guide Airbnb’s 2020 IPO, has drawn attention to Anthropic’s readiness for the public markets.

If Anthropic proceeds, the IPO would place it in direct competition with OpenAI, which is also rumored to be preparing for a future listing. The rivalry has intensified as both companies expand aggressively, build massive data center infrastructure, and chase the next generation of AI models. Anthropic recently announced a 50 billion dollar infrastructure project across Texas and New York, while also tripling its global workforce.

Investors cited by the FT believe Anthropic could “seize the initiative” from OpenAI if it reaches public markets first. OpenAI, valued at 500 billion dollars after a major share sale in October, insists it is not considering a near-term listing.

As both firms scale at breakneck speed, the question is no longer whether the AI giants will go public — but which one will step onto the market stage first.