Artificial intelligence company Anthropic has submitted a confidential filing with the U.S. Securities and Exchange Commission for a proposed initial public offering, moving the Los Angeles-based AI lab closer to one of the most anticipated Wall Street debuts in recent memory.

The confidential filing gives Anthropic the option to go public after the SEC completes its review, though the company said the offering will depend on market conditions and other factors. Anthropic has not decided on the number or price of shares to be offered.

The IPO filing follows Anthropic’s announcement last week that it raised $65 billion in private funding, pushing its valuation to $965 billion. The five-year-old maker of the Claude chatbot is now one of the world’s most valuable startups, leapfrogging chief rival OpenAI both in market value and reported revenue.

Anthropic said it is generating annualized revenue of $47 billion from selling its technology to people and organizations using Claude to write code and perform other work and personal tasks. The company was formed in 2021 by ex-OpenAI leaders and has become a central player in the AI infrastructure ecosystem.

The filing positions Anthropic alongside SpaceX and OpenAI in a wave of blockbuster public offerings expected this year. SpaceX is planning what could be the largest IPO ever, potentially raising $75 billion. All three companies, however, continue to lose more money than they make, fueling concerns about an AI bubble.

Anthropic’s public listing would represent a milestone for the Los Angeles technology ecosystem, which has been working to establish itself as a major AI hub. The company’s rise from a research laboratory to a near-trillion-dollar valuation in five years underscores the extraordinary capital flows into the AI sector.

Industry analysts are watching the IPO closely as a barometer for AI market sentiment. The offering will test whether public investors are willing to assign premium valuations to fast-growing but unprofitable AI companies — a question with significant implications for the broader technology sector.

Source: Associated Press | Business of Los Angeles