Anthropic CFO Krishna Rao is holding preliminary investor meetings ahead of the company's anticipated initial public offering, CNBC reported Thursday. The meetings have been high-level and have not included discussions of specific financials or valuation, instead focusing on Claude AI models, Claude Code, management, and the company's enterprise market position. Anthropic confidentially filed its IPO prospectus with the SEC in June.
The company last closed a funding round in May at a $965 billion valuation, surpassing OpenAI's March valuation of $852 billion. Anthropic's run-rate revenue crossed $47 billion in May, up from $10 billion for all of 2025. Some investors privately expect Anthropic could seek a valuation of $2 trillion or more at IPO, though that figure is based on their own analyses rather than company guidance.
Anthropic has no official IPO timeline, but the investor meetings signal the company is advancing toward a potential fall 2026 listing. OpenAI, which also confidentially filed in June, is pushing its IPO target to 2027. Both are competing to be the first mega-cap AI lab to go public, following SpaceX's June debut at a $1.77 trillion valuation.