Anthropic Eyes Massive IPO Amid OpenAI Competition

Anthropic, the AI startup behind a popular cloud chatbot, is reportedly preparing one of the largest IPOs ever, potentially valuing the company at over $300 billion with major investments from Microsoft and Nvidia.

sarah

Dec 3, 2025 - 13:38

Anthropic Eyes Massive IPO Amid OpenAI Competition

The Financial Times reported on Wednesday that Anthropic, the AI startup behind the popular cloud chatbot, is in early talks to launch one of the largest initial public offerings ever early next year.

For the potential IPO, Anthropic has hired law firm Wilson Sonsini Goodrich & Rosati, which has previously worked on high-profile tech IPOs such as Google, LinkedIn, and Lyft, the FT said, citing two sources familiar with the matter.

According to the report, the startup, led by Chief Executive Dario Amodei, is also seeking a private funding round that could value it at over $300 billion, including a combined $15 billion commitment from Microsoft and Nvidia.

It also said that Anthropic has discussed a potential IPO with major investment banks, but the source described these discussions as preliminary and informal.

If true, this news could put Anthropic in a market race with competitor ChatGPT-maker OpenAI, which is also reportedly preparing for a public offering. A potential listing would also test investor appetite for loss-making AI startups amid growing fears of a so-called AI bubble.

However, an Anthropic spokesperson told the FT: "It's fairly standard practice for companies at our scale and revenue level to operate as if they were publicly traded companies," adding that no decisions have been made regarding timing or going public.

According to an FT source, Anthropic is working on internal preparations for a potential listing, though details were not provided.

The FT report details several recent major changes at the company, including the hiring of former Airbnb executive Krishna Rao, who played a key role in the firm's 2020 IPO.

In its race to overtake OpenAI in the AI space, the startup is also expanding rapidly, recently announcing plans to build a $50 billion AI infrastructure with data centers in Texas and New York and tripling its international workforce.

According to the FT report, the company's investors are excited about Anthropic's potential IPO, which could allow it to "take the lead" from OpenAI.

While OpenAI has been rumored to be considering an IPO, its chief financial officer recently said the company isn't listing anytime soon, despite selling $6.6 billion worth of shares in October at a valuation of $500 billion.