Anthropic targets an October IPO ahead of OpenAI, lining up Morgan Stanley, Goldman Sachs, and JPMorgan at a $965B valuation
Anthropic is organising investor meetings and targeting a listing as early as October under the ticker ANTH, with Morgan Stanley, Goldman Sachs, and JPMorgan as joint lead underwriters. Having closed a round at a $965 billion valuation — above OpenAI's $852 billion — the challenger has become the front-runner, and it intends to reach the public market first.
Going first is a strategic choice, not a formality. Both frontier labs filed confidentially within weeks of each other; the question was never whether they go public but who defines the comparable. By targeting October, Anthropic aims to be the frontier lab public markets price first, setting the multiple against which OpenAI is later measured.
The underwriter line-up signals seriousness and scale. Morgan Stanley, Goldman Sachs, and JPMorgan as joint leads is the roster assembled for a mega-cap listing, and organising investor meetings is the step that turns a confidential filing into a live roadshow. This is a company moving toward a date, not weighing whether to.
The valuation context sharpens the timing. At $965 billion, above OpenAI, and with a revenue run-rate that has climbed steeply on the strength of Claude Code, Anthropic can present a growth-and-margin story that a rival weighing a loss-laden 2025 prospectus cannot match on the same page. The order of listing is the order in which those two stories get told.
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