Anthropic, a US AI startup behind the Claude model, said on June 1 that it had confidentially submitted draft paperwork for a US initial public offering, which could set up a fall listing and possibly put it ahead of OpenAI.

A May report said OpenAI was also preparing a confidential filing.

Under US Securities and Exchange Commission rules, emerging growth companies can submit drafts confidentially.

This lets companies work through disclosures with regulators before a public filing and, in some cases, provide fewer years of audited financial statements.

Separately, an industry analysis said OpenAI had converted into a for-profit public benefit corporation.

The analysis linked the move to IPO readiness and suggested 2026 or 2027 as a more likely timeframe for a public listing.

Market conditions have also improved. EY said the US initial public offering market completed 216 deals in 2025, with technology leading proceeds, and investor interest in AI remaining strong.

🔗 Source: Bloomberg

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