Anthropic Holds Early IPO Meetings Without Valuation Talks
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- Anthropic CFO Krishna Rao is leading early pre-IPO meetings with prospective investors, keeping discussions high-level with no talks about specific financials or a valuation
- Anthropic confidentially filed its prospectus with the SEC in June, setting up a highly anticipated public debut, though the company has not disclosed an official timeline
- The pre-IPO discussions have covered big-picture topics including its Claude AI models, the Claude Code coding assistant, its enterprise market position, management, and the volume of product releases
- Anthropic closed a funding round in late May at a $965 billion valuation, surpassing rival OpenAI, which was valued at $852 billion in late March
- Anthropic said in May its run-rate revenue crossed $47 billion, up from roughly $10 billion generated across all of 2025
- Some Anthropic investors privately expect the company to seek a $2 trillion or higher valuation, a figure based on their own analyses rather than anything coming from Anthropic; the Financial Times first reported the $2 trillion expectation
- OpenAI also confidentially filed its prospectus shortly after Anthropic but as of late June had not held pre-IPO meetings or outlined a listing timeline
Why it matters: Anthropic's $965 billion private valuation and $47 billion run-rate revenue have investors privately floating a $2 trillion-plus IPO price — but with no valuation discussed in early meetings and OpenAI yet to hold its own pre-IPO meetings, Anthropic's listing remains in exploratory mode, and the race between the two AI rivals for the first blockbuster AI IPO is still wide open.
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