Anthropic files confidential IPO as Amodei defends AI’s returns

Private investors scrambled for stakes in Anthropic after the company’s $65 billion fundraise at a $965 billion valuation was announced as greatly oversubscribed. With that demand still strong, Anthropic has filed confidentially for an IPO. Co-founder Daniela Amodei said the move was about access to capital: “It’s a really big upfront cost to train the models and to serve inference on them,” she said.

“My guess is that over time, the sort of core set of companies that are working to advance the frontier are just going to need access to capital, and I think the public market is very well suited to that.” Anthropic’s annualized revenue crossed $47 billion in May, up dramatically from roughly $9 billion at the end of 2025.

That rapid growth faces a test as some corporations reassess AI spending: companies such as Uber have said that while AI can deliver returns, not all of their AI spending has proven productive, raising the prospect that firms could begin to rein in budgets and slow sector-wide growth.

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