Anthropic is speeding up toward a potential IPO later this year, with Goldman Sachs, Morgan Stanley and JPMorgan Chase lining up investor meetings. The Claude maker confidentially filed its prospectus last month and could list as soon as October, putting it ahead of rival OpenAI.
Its most recent funding round in May valued the company at $965 billion which is above OpenAI’s $852 billion at the time driven by strong enterprise traction, especially Claude Code.
Trade analysis
Liquidity is expected to surge as we get into Q3, with prices swinging with IPO momentum and relative positioning versus OpenAI. The edge lies in separating listing progress from the harder question of whether private-market valuations hold once public-market scrutiny arrives.
Bullish ($1T–$2T) signals:
- Concrete IPO steps and top-tier bank involvement showing solid institutional demand
- First-mover advantage over OpenAI and momentum from SpaceX’s successful debut
- Proven enterprise revenue traction supporting a premium valuation
Bearish (<$1T) signals:
- Extreme capital intensity of frontier AI models pressuring multiples
- Risk of AI enthusiasm cooldown before a late-2026 listing
- Already high valuation around $1T privately leaving limited upside room
Markets have reacted positively to the meeting news, reflecting optimism that Anthropic can convert private hype into a successful public debut. A strategy is to lean into near-term YES exposure on realistic valuations while remaining cautious on aggressive ones like $1.5T+. Our base case is Anthropic to list in 2026 at a valuation that consolidates near current private levels rather than extending the private-market peak.