The race to become the first generative AI giant to go public just got serious. Anthropic, the artificial intelligence startup behind the popular Claude chatbot, has hired law firm Wilson Sonsini Goodrich & Rosati to prepare for an initial public offering that could come as early as 2026—potentially beating archrival OpenAI to the public markets in what would be one of the most consequential tech IPOs in history.
According to sources familiar with the matter, Anthropic's valuation is projected to exceed $350 billion when it goes public, with its annualized revenue run rate expected to hit $26 billion next year. That would make it one of the largest IPOs ever—and a defining moment for the AI industry.
The Wilson Sonsini Signal
The choice of Wilson Sonsini speaks volumes about Anthropic's ambitions. The storied Silicon Valley law firm has advised on some of the most transformative tech IPOs in history, including Alphabet (Google), LinkedIn, and Lyft. Wilson Sonsini has been an adviser to Anthropic since 2022, including on the company's large investments from Amazon.
By retaining Wilson Sonsini for IPO preparation, Anthropic is effectively attempting to "leapfrog" OpenAI to the public markets—a remarkable strategic pivot that could reshape investor perceptions of both companies.
"Anthropic hiring Wilson Sonsini is like a fighter announcing they've brought in the best trainer in the game. They're not just preparing for an IPO—they're preparing to win the AI race in the public markets."
— Tech industry observer on Anthropic's strategy
The Valuation Trajectory
Anthropic's path to a potential $350 billion valuation has been remarkably swift. The company announced a $13 billion fundraising round in September, valuing it at $183 billion. Since then, additional investments reportedly from Microsoft and Nvidia have pushed the valuation higher.
The company's revenue growth has been equally impressive. Founded in 2021 by former OpenAI executives Dario and Daniela Amodei, Anthropic has quickly established itself as the leading alternative to ChatGPT with its Claude AI assistant. The company's enterprise focus has driven rapid commercial adoption.
For context, the projected $350 billion IPO valuation would make Anthropic worth more than most Fortune 500 companies and would establish it as one of the most valuable technology companies in the world from day one of public trading.
The Race Against OpenAI
The IPO preparations come as OpenAI, backed by Microsoft, is laying groundwork for its own public debut. OpenAI's valuation has exceeded $500 billion following recent funding rounds, and speculation suggests an IPO could target a valuation approaching $1 trillion.
OpenAI CFO Sarah Friar has indicated the company may be targeting 2027 for its IPO, though some advisers believe a late 2026 filing is possible. This timeline has created a window for Anthropic to potentially reach public markets first.
Being first to market could provide significant advantages. The inaugural AI IPO would likely attract substantial investor attention and media coverage, potentially establishing the winner as the default choice for public market investors seeking AI exposure.
What Makes Anthropic Different
While OpenAI has pursued rapid commercialization and expansion, Anthropic has positioned itself as the "safety-focused" AI company. This distinction could prove valuable in an IPO context, particularly as regulators and institutional investors increasingly scrutinize AI companies' approaches to risk management.
Anthropic's Constitutional AI approach—which trains models using a set of principles rather than just human feedback—has attracted both technical praise and substantial institutional investment. Amazon and Google have both made multi-billion dollar commitments to the company.
The company's enterprise strategy has also been deliberate. Rather than racing to consumer scale like OpenAI, Anthropic has focused on winning high-value enterprise contracts where reliability and safety are paramount concerns.
The IPO Preparation Playbook
Sources indicate that Anthropic is tackling an internal checklist to prepare for what could be one of the largest IPOs ever. This includes:
- Strengthening financial controls and audit readiness
- Building out investor relations infrastructure
- Preparing detailed documentation of AI safety protocols
- Establishing clear governance structures for post-IPO operations
The company has also begun informal discussions with major investment banks about potential underwriter roles, though no official selections have been announced. Given the deal's potential size, multiple banks would likely participate.
What It Means for Investors
Anthropic's IPO would provide public market investors with their first opportunity to buy directly into a leading generative AI pure-play. While Nvidia and Microsoft offer AI exposure, both companies have diversified business models that dilute the AI thesis.
The $350 billion target valuation implies significant expectations for future growth. At that price, investors would be paying a premium for a company that, despite its rapid growth, remains in the early stages of building a sustainable business model.
However, the AI industry's growth trajectory supports ambitious valuations. Enterprise AI spending is projected to exceed $500 billion annually by 2028, and the market remains highly concentrated among a handful of leading players.
The 2026 IPO Landscape
Anthropic's potential listing would cap what's shaping up to be a transformative year for tech IPOs. SpaceX is reportedly considering a 2026 public offering at a potential $1.5 trillion valuation, while several other AI infrastructure companies are preparing their own listings.
Investment banks have been expanding their equity capital markets teams in anticipation of what could be a record-breaking year for IPO proceeds. If even half of the rumored mega-deals materialize, 2026 could see more IPO value created than any year in market history.
For Anthropic, the stakes extend beyond financial considerations. Going public would provide the company with currency for acquisitions, enhanced credibility with enterprise customers, and the resources to compete in an increasingly capital-intensive AI arms race.
The countdown has begun.
