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Fortune
Fortune
Technology
Allie Garfinkle

Anthropic confidentially files its S-1 first—but the IPO race with OpenAI is just beginning

Anthropic OpenAI IPO Dario
dario (Credit: Samyukta Lakshmi/Bloomberg via Getty Images)

Anthropic’s S-1 filing on Monday was confidential, but there’s much we already know about the $965 billion AI juggernaut.

The nearly trillion-dollar startup (if it can be called such a thing) has gotten so big that it’s hard to hide in the markets the way a growth-spurting elephant is hard to hide in a zoo. The company—founded in 2021 and helmed by siblings Dario and Daniela Amodei—has seen a historic rise. Back when our AI editor Jeremy Kahn wrote his Fortune cover story on Anthropic in December 2025, the company was valued at $183 billion. One prophetic section:

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