Anthropic is setting up meetings between its management and potential investors, a pre-IPO move to gauge demand. Goldman Sachs, Morgan Stanley, and JPMorgan Chase are involved in the preparations. The formal roadshow and share sale haven't started yet. The earliest possible listing is October, though the timeline could still shift.
Anthropic confidentially submitted its IPO paperwork to the SEC in June, but has not yet disclosed the offering size or price. In May, it closed a $65 billion funding round, giving it a post-money valuation of $965 billion — surpassing OpenAI's $852 billion valuation for the first time.
If the current pace holds, Anthropic could go public before OpenAI. Goldman and Morgan Stanley are working on both IPOs but are keeping separate teams to avoid crossing information.