Anthropic is laying the groundwork for what could become one of the biggest stock market debuts in history.
The San Francisco-based startup has hired law firm Wilson Sonsini to begin formal IPO preparations, a step that typically marks the start of a long march toward public markets for late-stage tech companies, reports The Financial Times.
People familiar with the discussions say Anthropic is in talks for a new private funding round that would value the company between $300 billion and $350 billion, supported by a recent $15 billion commitment from Microsoft and Nvidia.
Anthropic has also held early, informal conversations with major investment banks about a potential listing, although it has not yet chosen underwriters. One person with knowledge of the plans says the company could be ready to list in 2026, while another cautioned that an IPO that soon is unlikely.
Wilson Sonsini has advised Anthropic since 2022, including on large investments from Amazon, and has a long track record working on high-profile tech listings such as Google, LinkedIn and Lyft.
An Anthropic spokesperson says it is not ready to commit to going public and is still treating IPO work as part of standard late-stage governance.
“It is fairly standard practice for companies operating at our scale and revenue level to effectively operate as if they are publicly traded companies. We have not made any decisions about when or even whether to go public, and do not have any news to share at this time.”
Last month, Anthropic dropped a $50 billion investment in American AI infrastructure to fund new data centers, including sites in Texas and New York built with Fluidstack. The AI startup said that the company is now serving 300,000 business customers, with each client accounting for over $100,000 in run-rate revenue.
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