Anthropic Prepares for One of the Biggest IPOs Ever as Rivalry With OpenAI Intensifies: FT

People familiar with the matter told the FT that Anthropic is exploring parallel paths, a public offering and a fresh private funding round, that could value the company at more than $300 billion. The private fundraising discussions reportedly include a combined $15 billion commitment from Microsoft and Nvidia, underscoring the intense investor appetite for advanced AI firms despite concerns about overheated valuations.

The report adds that Anthropic has held informal talks with several major banks about a potential IPO, though discussions remain preliminary. Sources said the company has been preparing internally for a possible listing, but no decisions have been made on timing or whether an IPO will go ahead.

An Anthropic spokesperson told the FT that it is “fairly standard practice for companies operating at our scale and revenue level to effectively operate as if they are publicly traded companies,” adding that the company has not finalized plans for a public debut.

The company’s momentum comes amid a broader surge of interest in generative AI and escalating competition among the industry’s most well-funded players. A separate CNBC report last month valued Anthropic between $300 billion and $350 billion following major investments, including up to $5 billion from Microsoft and $10 billion from Nvidia.

Anthropic has expanded aggressively in recent months as it pushes to challenge OpenAI’s dominance. It recently announced a $50 billion AI infrastructure program that includes new data-center construction in Texas and New York, while also tripling its international workforce. The company also hired former Airbnb executive Krishna Rao, who played a central role in Airbnb’s 2020 IPO, signalling further steps toward public-company readiness.

Investors cited by the FT believe an Anthropic IPO could allow the startup to “seize the initiative” from OpenAI, which has faced ongoing scrutiny about the timing of its own potential listing. While OpenAI recently closed a $6.6 billion share sale at a $500 billion valuation, its CFO has said the company is not actively pursuing a near-term IPO.

If Anthropic proceeds, the move would test whether public markets are ready to absorb high-burn AI companies during a period marked by record valuations, rapid infrastructure spending and rising debate over a potential AI investment bubble.