Anthropic has reportedly begun the initial steps for a potential Initial Public Offering (IPO), collaborating with its long-time adviser, Wilson Sonsini. The company is said to be engaging in informal discussions with major banks while preparing for a possible listing, which might occur as early as next year. This move is part of Anthropic's strategy to assess the readiness of public markets for an AI lab still in the throes of significant capital expenditure. According to a Financial Times report, sources suggest varying timelines, with some indicating that Anthropic might be ready by 2026, although others express skepticism about this timeline. An Anthropic representative stated that no definitive decision has been made regarding going public.
Anthropic is also pursuing a private funding round, aiming to raise its valuation above $300 billion, backed by early commitments totaling at least $15 billion from investors like Microsoft and Nvidia. As of September, the company's post-money valuation stood at $183 billion. Wilson Sonsini, advising Anthropic since 2022, has a history of supporting major tech IPOs, including those of Apple and Google.
This potential IPO positions Anthropic alongside other key AI labs, such as OpenAI, in exploring public market opportunities. However, both companies face the challenge of rapidly increasing training costs that outpace revenue growth, despite growing investor interest in AI ventures. Ram Kumar, a core contributor at OpenLedger, commented that if Anthropic goes public by 2026, it could intensify competition among AI labs. This move might also lead capital markets to assign public valuations to AI developments, potentially triggering a wave of IPOs and exits in the sector.
For investors and businesses, this could transform AI from a research expense into an investable asset class with measurable growth targets and public accountability. Nonetheless, Kumar highlighted concerns about potential valuation distortions, where public market expectations might prioritize rapid growth over essential aspects like data quality, safety, and transparency, which are crucial for a trustworthy AI ecosystem. He warned that public market pressure might hasten consolidation, reducing model diversity and entrenching a few dominant players.
Ultimately, while an IPO could provide capital, Kumar stressed that it wouldn't ensure fair value distribution, traceability, or the ecosystem's long-term health by itself. He emphasized the need for equitable growth that acknowledges contributors and fosters a shared infrastructure for intelligence, rather than consolidating power among a select few.