Anthropic vs OpenAI: Race Heats Up for Largest AI IPO Ever

TLDR

• Anthropic has hired law firm Wilson Sonsini to prepare for a potential IPO as early as 2026, according to Financial Times reports.
• The AI startup is pursuing a private funding round that could value it above $300 billion, with $15 billion from Microsoft and Nvidia.
• Anthropic projects annualized revenue could reach $26 billion next year, nearly tripling its current run rate.
• The company has over 300,000 business and enterprise customers and recently announced a $50 billion infrastructure buildout.
• OpenAI is also preparing for a potential IPO, setting up a race between the two AI firms for a public listing.

Anthropic has engaged law firm Wilson Sonsini Goodrich & Rosati to prepare for a potential initial public offering that could happen as early as 2026. The Financial Times first reported the news on Tuesday, citing sources familiar with the matter.

The San Francisco-based AI startup operates the Claude chatbot and competes directly with OpenAI’s ChatGPT. Wilson Sonsini has previously worked on major tech IPOs including Google, LinkedIn and Lyft.

An Anthropic spokesperson told Reuters the company has not decided when or if it will go public. The spokesperson added that companies at Anthropic’s scale typically operate as if they are publicly traded.

The company has worked with Wilson Sonsini on various corporate matters for several years. The law firm did not respond to requests for comment.

According to the Financial Times report, Anthropic has also held preliminary discussions with major investment banks about a potential IPO. Sources described these talks as informal and in early stages.

The startup is currently negotiating a private funding round that could value it above $300 billion. Microsoft and Nvidia have committed a combined $15 billion to this round.

Revenue Growth and Customer Base

Anthropic projects its annualized revenue could reach $26 billion next year. This would represent nearly triple its current revenue run rate.

The company serves more than 300,000 business and enterprise customers. CEO Dario Amodei leads the startup, which he founded in 2021 with other former OpenAI staff members.

Last month, Anthropic announced a $30 billion commitment to use Microsoft’s cloud services. The company also revealed plans for a $50 billion AI infrastructure buildout with data centers in Texas and New York.

Anthropic was most recently valued at $183 billion in private markets. CNBC reported in November that the company’s valuation had reached the $350 billion range after investments from Microsoft and Nvidia.

Race With OpenAI

OpenAI is also preparing for what could be one of the largest IPOs ever. Reuters reported that OpenAI may file with securities regulators as early as the second half of 2026.

The ChatGPT maker could achieve a valuation of up to $1 trillion in a public offering. OpenAI closed a $6.6 billion share sale in October at a $500 billion valuation.

OpenAI CFO Sarah Friar said in November that a listing is not in the company’s near-term plans. The statement came despite widespread reports about IPO preparations.

Anthropic recently hired Krishna Rao, a former Airbnb executive who worked on that company’s 2020 IPO. The company has also been tripling its international workforce.

The potential IPO would give Anthropic a more efficient way to raise capital. It would also provide leverage for larger acquisitions through public stock.

Anthropic is backed by major tech companies including Alphabet’s Google and Amazon. The startup competes in the growing AI market as enterprise tech spending increases.

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