Anthropic secretly filed its IPO prospectus to compete with OpenAI for a head start.

Author: Yang Chen, Wall Street Insights

Anthropic has officially filed its IPO prospectus with the U.S. Securities and Exchange Commission (SEC), marking a crucial step towards listing for this AI company valued at nearly a trillion dollars. This could potentially become the largest IPO in the AI ​​field to date.

The company stated on Monday that filing the prospectus "gives us the right to choose to list after the SEC completes its review," and emphasized that "the proposed initial public offering will be subject to market conditions and other factors."

This move means that Anthropic has not locked in a specific listing timetable, but it has already taken the lead over its competitor OpenAI—which is also preparing a secret filing, and Anthropic is reportedly expected to list this fall.

... The core logic of this race is that going public means reaching millions of retail and pension investors, gaining far greater liquidity than the private market, and using stock as currency for mergers and acquisitions and as an employee incentive tool. Funds raised through an IPO will be used for chip procurement, data center construction, and competition for top talent; the ability to acquire these resources will fundamentally shape the long-term competitive landscape of the AI ​​field. On Monday, OpenAI CEO Altman downplayed the claim that his company was racing with Anthropic to go public in an interview. He said, "We will go public when we think the time is right." Secret filing allows for flexibility in the timeline. According to SEC rules, secretly filing a prospectus does not mean that a company must complete its IPO within a specific timeframe. Anthropic's official prospectus only needs to be delivered to investors at least 15 days before the roadshow begins. The operational path of competitor SpaceX can serve as a reference—the company filed a confidential application on April 1st, released its prospectus publicly on May 20th, launched its roadshow this week, and plans to list next week. Anthropic was founded in 2021 by a group of former OpenAI executives and researchers. The founding team left due to disagreements over the direction of OpenAI's development. The company's core product is its Claude series of AI models, with the programming assistant Claude Code receiving particular market attention. This year, Anthropic launched a new model called Claude Mythos Preview, which possesses advanced cybersecurity capabilities and has attracted widespread attention in Washington's political and business circles. Anthropic's revenue growth this year has been astonishing. The company disclosed in May that its annualized revenue has soared to $47 billion, compared to only $10 billion for the entire previous year. Last week's latest funding round pushed its valuation to $965 billion, surpassing OpenAI. To cope with the rapidly growing demand for computing power, Anthropic has recently signed a series of infrastructure agreements. Last month, Anthropic reached an agreement with SpaceX to use the available computing power of its Colossus 1 data center in Memphis, Tennessee, with a contract period until May 2029 and monthly payments of $1.25 billion. First-mover advantage: Dominating the narrative, reaching funding. For Anthropic and OpenAI, the IPO is not simply a fundraising event, but a crucial step in a larger strategic game. Going public means reaching millions of retail and pension investors, gaining far greater liquidity than the private market, and using stock as currency for acquisitions and as an employee incentive tool. Matthew Kennedy, senior IPO market strategist at Renaissance Capital, stated that given the double-digit gains of both the S&P 500 and Nasdaq 100 this year, investment bankers generally believe the time is ripe for IPOs. In an interview, Kennedy said, "The first company to go public can dominate the narrative, while the later company may become a follower and be forced to compare itself to the other during roadshows." However, he also warned that the first-mover advantage will diminish once both companies have gone public. Elon Musk is also accelerating SpaceX's AI development and pushing forward with its IPO. Analysts point out that facing this external pressure, neither OpenAI nor Anthropic can afford to fall behind. First-mover disadvantage: Information disclosure risk exists. Market analysis is divided on who truly gains the first-mover advantage. In a written commentary, Harrison Rolfes, Senior Late-Stage Corporate Research Analyst at PitchBook, wrote: "The traditional interpretation of OpenAI is that Anthropic's early filing gave it a narrative advantage. However, a less conventional interpretation is that OpenAI actually benefited: Anthropic proactively assumed all the disclosure risk, and OpenAI now has a free option—to observe how institutional investors respond to its audited, cutting-edge AI financial data before deciding on its own pricing strategy." Kennedy also highlighted the potential disadvantages of first-mover advantage: "If the first company to go public performs poorly, later entrants will have the opportunity to readjust their IPO pricing and roadshow strategies to better align their positioning with the true demands of public market investors." With both companies' private valuations nearing the $1 trillion mark, scrutiny from the public market will become more stringent. The shadow of the Pentagon ban lingers, but the private market is providing strong support. Anthropic faced a major policy setback this year. After negotiations with the U.S. Department of Defense broke down, its models were blacklisted by the Pentagon, and related defense contractors subsequently terminated their cooperation. Anthropic stated that this move by the Trump administration could cost it billions of dollars in revenue. Anthropic has filed a lawsuit seeking to overturn the ban, and the litigation is still ongoing. President Trump stated in an April interview with CNBC that a deal between Anthropic and the Department of Defense was "possible." However, the ban has not halted the company's business momentum. Anthropic's growth in the private market has accelerated as more companies adopt its models and AI programming tools. The rise of Claude Mythos has also alleviated some investors' previous concerns about its growth prospects.