Anthropic taps IPO lawyers as it races towards listing ahead of OpenAI

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Artificial intelligence (AI) startup Anthropic has hired law firm Wilson Sonsini to begin work on what could become one of the biggest stock market listings ever, the Financial Times reported.

 

According to the report, Anthropic has held early, informal talks with major investment banks about a potential public listing, though it has not selected any banks yet. The initial public offering (IPO) will likely take place in 2026.

 

One source told the Financial Times that Anthropic might be ready to list in 2026, while another cautioned that an IPO that soon is unlikely. An Anthropic spokesperson said that companies of its scale often operate as if they are already public, but added that no decision has been made about when or whether the company will go public, the report said.

 

Wilson Sonsini has reportedly advised Anthropic since 2022, including on large investments from Amazon. The firm has also worked on major tech IPOs such as Google, LinkedIn and Lyft.

Race with OpenAI

Anthropic rival OpenAI is also in the early stages of preparing for a potential IPO. Anthropic's potential plans come to light almost a month after it was reported that OpenAI is laying the groundwork for a listing that could value it at up to $1 trillion.

 

According to Reuters, OpenAI may file with regulators as early as the second half of 2026. In initial discussions, OpenAI has explored raising at least $60 billion. However, plans, including valuation and timing, could still change. OpenAI was valued at $500 billion in October.

 

Both companies face challenges, as their rapid growth and extremely high AI training costs make financial forecasts difficult. They would also be seeking valuations far higher than previous US tech startups, the Financial Times reported.

Anthropic valuation surges past $300 bn

Anthropic’s valuation recently rose to around $350 billion, up from $183 billion in September, after new investments from Microsoft and Nvidia, according to CNBC.

 

On November 19, Microsoft announced a new partnership with Nvidia and Anthropic as part of its effort to diversify its AI strategy. Under the deal, Microsoft will invest up to $5 billion and Nvidia up to $10 billion in the company.

 

Microsoft said the alliance aims to build a stronger and more diverse AI ecosystem. As part of the deal, Anthropic will purchase $30 billion worth of Azure compute capacity and secure additional capacity of up to one gigawatt.