Anthropic is reportedly gearing up for one of the biggest IPOs in tech history, setting the stage for a public-market race with its rival OpenAI.
According to the Financial Times, the company behind the Claude chatbot has hired the law firm Wilson Sonsini to begin early IPO preparations. A public listing could happen as soon as 2026.
Sources familiar with the talks say Anthropic and OpenAI are now effectively competing to reach the public markets first. Anthropic is also in discussions for a new private funding round that would value the company at more than 300 billion dollars.
Wilson Sonsini, based on the U.S. West Coast, has advised Anthropic since 2022, including on the commercial side of Amazon's multibillion-dollar investments in the company. Several sources say Anthropic has also held informal and early conversations with major investment banks about a potential IPO, though no banks have been selected yet.
Investors push for an early listing
Investors are increasingly vocal about their desire for Anthropic to move quickly and go public before OpenAI. One source said a 2026 listing is possible, while another warned that the timeline is likely too optimistic.
A spokesperson for Anthropic downplayed the growing speculation, noting that companies of Anthropic's scale and revenue often operate in ways similar to public companies even without committing to an IPO. According to the spokesperson, no decisions have been made about timing or whether the company will go public at all.
The company has already taken steps that point toward a future IPO. Last year, Anthropic hired Krishna Rao as its Chief Financial Officer. Rao previously spent six years at Airbnb, where he played a key role in the company's own public listing. According to one source, Anthropic is currently working through an internal checklist of changes required for an eventual IPO.
