OpenAI rival Anthropic may launch IPO next year
What's the story
Anthropic, the artificial intelligence (AI) start-up backed by Google and Amazon, is preparing for an initial public offering (IPO) as early as 2026. The company has hired law firm Wilson Sonsini to assist with the process, Financial Times reported on Tuesday. An IPO would provide a more efficient way for Anthropic to raise capital and leverage public stock for larger acquisitions. Anthropic, which has over 300,000 business and enterprise customers, is a major competitor to OpenAI.
Ongoing negotiations
Anthropic's IPO discussions are in early stages
Anthropic has also held talks with major investment banks about a potential IPO, the Financial Times reported. However, these discussions are still informal and in their early stages. An Anthropic spokesperson told the outlet that it's "fairly standard practice for companies operating at our scale and revenue level to effectively operate as if they are publicly traded companies."
Financial outlook
Anthropic's valuation and revenue projections
Anthropic's valuation has nearly doubled to about $350 billion, up from $183 billion in September. The sharp jump follows a $15 billion joint investment by tech giants Microsoft and NVIDIA, made as part of a strategic partnership to expand their AI capabilities. The company, which was founded in 2021 by former OpenAI employees, is projected to more than double and potentially nearly triple its annualized revenue run rate to around $26 billion next year.