Anthropic, the artificial intelligence (AI) company behind the Claude chatbot, is preparing to publicly file paperwork for an initial public offering (IPO) as soon as the end of this month.
The listing could match or surpass the record $75 billion flotation completed in June by SpaceX, Elon Musk's rocket company, according to Bloomberg.
No technology flotation had raised more.
Details including the exact size and timing of the offering have yet to be confirmed.
A public filing would give outsiders their first detailed look at the company's finances, from quarterly revenue growth to its biggest business lines.
Bringing the paperwork forward would let Anthropic beat OpenAI, the developer of ChatGPT, to the public markets in a rivalry that has come to define the sector.
OpenAI is not expected to go public until later this year or early 2027.
A successful listing would mark a milestone for the commercial AI industry.
From also-ran to enterprise force
Anthropic was co-founded in 2021 by its chief executive, Dario Amodei, and his sister Daniela Amodei, both former OpenAI employees.
Once cast as an also-ran, the company has since built a fast-growing business selling AI tools to large employers.
The turning point was Claude Code, an AI coding agent that helped win over corporate customers at speed.
The product lets software developers hand routine coding tasks to an AI assistant.
Anthropic has followed it with products such as Claude Cowork, plus tie-ins with workplace software including Microsoft 365, made by the US company Microsoft.
Revenue and valuation
The company raised $65 billion in May at a valuation of $965 billion, overtaking OpenAI, which raised $122 billion at a valuation of $852 billion in March.
Anthropic reported revenue of $11.5 billion in its most recent quarter, 14 times higher than a year earlier, according to Bloomberg.
OpenAI, by comparison, reported second-quarter revenue of $6.2 billion, up 18% on the previous three months, the Wall Street Journal said this week.
The figures point to Anthropic now growing faster than the company it was once measured against.
Political and competitive headwinds
Anthropic has also clashed with the Trump administration over the military use of its technology.
The administration has sought to stop the US defence department using Anthropic's systems to build fully autonomous weapons or to run mass surveillance of Americans.
It later designated the company a supply chain threat.
The disputes add a layer of political risk ahead of the planned listing.
Anthropic and OpenAI both face rising competition from open-source AI, particularly cheaper systems from China that could draw away potential customers.
Chinese developers have released capable open-source models at a fraction of the cost.
One flag: the standout figures (the $965 billion valuation and the $11.5 billion quarterly revenue up 14x) sit right at the spine of the piece. I've used your source as given, but say the word and I'll verify them live before this runs.
