Anthropic has taken the lead by submitting its application ahead of OpenAI, shifting the competition from models, revenue, and valuation to the public market pricing.
Anthropic announced on Monday that it has confidentially submitted its IPO application in the United States, moving ahead of rival OpenAI in the listing process. In a statement, Anthropic said that the submission of the prospectus “gives us the right to go public after the SEC completes its review” and emphasized that the “proposed initial public offering will depend on market conditions and other factors.”
This is not yet a formal public offering. According to Reuters, Anthropic’s IPO could come as early as this fall, but the company has not disclosed the offering size and terms. The significance of a confidential submission is that the company can advance IPO preparations without disclosing sensitive financial details to competitors and the public temporarily.
This development has made the IPO race for AI large model companies suddenly more specific. Previously, the market was more concerned about whose model was stronger and who had more users. Now, the question has become: who will undergo public market scrutiny first and who will price the “frontier AI companies” first.
This filing will test whether investors’ enthusiasm for AI can withstand public market scrutiny and will also determine which company will establish a valuation template for the rapidly growing AI industry.
OpenAI has not yet followed up with a filing. OpenAI CEO Sam Altman stated that he is “not focused on the potential timing of an IPO” and the company “will go public when the time is right.”
However, the market was not originally betting this way. In prediction markets, most participants had previously expected OpenAI to submit its IPO application before Anthropic.
Anthropic is racing against time, driven by a very real market window. Dealogic data shows that the IPO market has gained momentum in recent weeks, with global IPO financing reaching $875 billion as of May 26, the highest level for the same period since 2021.
Currently, the IPO window has clearly opened. AI chip company Cerebras saw a 68% increase on its first day of trading last month. According to FactSet data, among companies valued at over $10 billion at the time of their IPO in the past five years, only the digital design platform Figma had a higher first-day surge of 250% during its listing last year.
But having the window open doesn’t mean unlimited funds. It is worth noting that SpaceX is also pushing for a massive IPO, aiming to raise $750 billion at a valuation of $17.5 trillion, possibly as soon as in two weeks. If SpaceX, Anthropic, and OpenAI go public one after another, the U.S. stock market will have to digest multiple mega-cap tech assets simultaneously.
Kat Liu, Vice President of IPO research firm IPOX, told Reuters: “Filing shortly after SpaceX allowed Anthropic to take advantage of the still favorable window and capitalize on investors’ strong interest in AI and growth stocks.” She also said: “Compared to SpaceX, Anthropic’s valuation expectations don’t seem as aggressive when looked at in isolation.”
Patrick Healy, Founder of Issuer Network, said: “There’s only so much oxygen in the room.” He also said, “SpaceX will consume a massive amount of capital, and the second one to go on stage will have a better position than the third.”
Gil Luria, analyst at D.A. Davidson, said: “The combined capital needs of SpaceX, OpenAI, and Anthropic will be very significant, likely disrupting the capital markets, so going public earlier would be a huge advantage.”
[Wall Street News]
Anthropic’s IPO Filing: Redefining the AI-Valuation Race and Its Crypto Implications
The confidential IPO submission by Anthropic marks a pivotal moment in the artificial intelligence landscape, fundamentally shifting the competitive paradigm from technical superiority to market dominance. For crypto investors, this development carries profound implications that extend beyond traditional AI valuations into the intersection of AI and blockchain technologies.
The Strategic Significance
Anthropic’s preemptive move represents more than just a corporate milestone; it’s a strategic chess play to establish the valuation template for frontier AI companies. In a market where perception often precedes fundamentals, being first to undergo public scrutiny creates a critical benchmark against which all future AI valuations will be measured.
This race becomes particularly significant when considering the capital market dynamics at play. With global IPO financing reaching $875 billion—the highest since 2021—and AI chip company Cerebras already demonstrating market appetite with a 68% first-day surge, the timing of these filings could dramatically influence investor sentiment and capital allocation patterns across tech sectors.
Crypto Market Implications
For crypto investors, the Anthropic-OpenAI IPO race creates a fascinating duality of risks and opportunities:
- AI-Related Token Dynamics:
- The successful IPO of an AI giant could validate the broader AI sector, potentially increasing investor appetite for AI-focused crypto tokens
- Projects that demonstrate meaningful integration with AI technologies—such as AI-powered DeFi protocols, predictive analytics platforms, or autonomous trading systems—may experience outsized benefits
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We could see a sector rotation from pure-play AI stocks to hybrid AI-blockchain projects as investors seek exposure to both high-growth areas
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Valuation Precedents:
- The valuation multiples established by Anthropic’s IPO will likely influence how AI-integrated crypto projects are assessed
- Projects that can effectively articulate their AI capabilities and competitive advantages may benefit from these new valuation frameworks
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Conversely, projects with weak AI narratives or implementations could face increased scrutiny
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Capital Allocation Shifts:
- The “oxygen in the room” concern raised by Patrick Healy becomes particularly relevant for crypto markets
- With SpaceX potentially raising $750 billion and multiple AI giants seeking public listings, traditional capital markets could absorb significant liquidity that might otherwise flow into crypto
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This could create short-term headwinds for crypto valuations, particularly for projects that cannot clearly articulate their value proposition in the context of AI integration
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Regulatory Spillover:
- Public scrutiny of AI companies will inevitably lead to increased regulatory attention
- Crypto projects that heavily leverage AI technologies may face regulatory challenges similar to those confronting their traditional counterparts
- Projects that proactively address governance, transparency, and ethical AI considerations may gain competitive advantages
Strategic Considerations for Crypto Investors
The Anthropic-OpenAI IPO race necessitates a reassessment of crypto investment strategies:
- Portfolio Positioning: Investors should evaluate their exposure to AI-integrated crypto projects relative to their broader tech allocations
- Due Diligence: Scrutinize AI projects’ technical implementations, partnerships with established AI firms, and real-world utility beyond hype
- Market Timing: Monitor the performance of AI-related IPOs as potential indicators of market appetite for AI-blockchain hybrids
- Differentiation: Projects that can clearly articulate unique advantages beyond what traditional AI companies might offer in the public markets warrant special attention
The most significant opportunity lies in identifying crypto projects that offer capabilities that traditional AI companies cannot easily replicate—particularly those leveraging blockchain’s decentralization, transparency, and trust-minimizing properties. Projects that successfully combine the strengths of both technologies may be best positioned to benefit from the increased attention and capital flowing into the AI ecosystem.
Ultimately, Anthropic’s IPO filing represents not just a corporate milestone but a watershed moment that will reshape how investors value AI technologies across all sectors—creating both challenges and opportunities for crypto projects that can effectively navigate this evolving landscape.