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

The AI arms race is heading for Wall Street. Forget chatbots and image generators—the real battle is being fought in the boardrooms of investment banks. Two titans, Anthropic and OpenAI, are now locked in a sprint to go public, with both vying for the title of the largest AI IPO in history.

The Stakes: More Than Just Bragging Rights

This isn't just about prestige. The winner of this IPO race secures a monumental war chest, a vote of confidence from the public markets, and a powerful narrative for recruiting top talent. It's a high-stakes gamble where the prize is market dominance for the next decade.

Behind the Scenes: A Clash of Philosophies and Finances

On one side, you have OpenAI, the household name that sparked the generative AI revolution. On the other, Anthropic, the disciplined challenger built on principles of safety and rigorous research. Their paths to this point couldn't be more different, yet they've arrived at the same precipice. The financial community is salivating—after all, nothing juices fees like a record-breaking tech listing where the hype is already baked into the cake.

The Final Hurdle: Can Reality Match the Hype?

Both companies now face the ultimate test: convincing investors that their astronomical private valuations can translate into sustainable public market performance. The roadshow promises will need to be backed by a clear path to profitability that goes beyond vague promises of AGI. One cynical banker was overheard muttering that the only thing growing faster than their AI models is the size of the underwriting fee.

The clock is ticking. Whichever firm crosses the finish line first will set the benchmark, forcing its rival to answer an even tougher set of questions. Get ready—the most consequential tech debut since Facebook is now a two-horse race.

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.

BREAKING: Anthropic is preparing to go public by as soon as 2026 in what is expected to be one of the biggest IPOs in history, per FT.

Anthropic is currently in talks for a funding round valuing the company at over $300 billion. pic.twitter.com/UKj31HAGSI

— The Kobeissi Letter (@KobeissiLetter) December 3, 2025

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.