Private investors have been falling over themselves to get a piece of Anthropic, given the AI model maker is growing at a dizzying pace. Multiple investors told TechCrunch that the company’s $65 billion fundraise at a $965 billion valuation, announced last week, was greatly oversubscribed. Now, with that private demand still strong, Anthropic has revealed that it’s taking steps towards a public listing by filing confidentially for an IPO.
Co-founder Daniela Amodei, speaking at the Bloomberg Tech conference on Thursday, said the decision comes down to capital. “It’s a really big upfront cost to train the models and to serve inference on them,” she said. “My guess is that over time, the sort of core set of companies that are working to advance the frontier are just going to need access to capital, and I think the public market is very well suited to that.”
Anthropic has been growing at a breakneck pace. The company announced that annualized revenue crossed $47 billion in May, up dramatically from roughly $9 billion at the end of 2025. That trajectory faces a real test, though. Companies such as Uber have said that while AI can deliver returns, not all of their AI spending has proven productive, raising the prospect that corporations could begin to rein those budgets and slow growth across the sector.
