Artificial intelligence company Anthropic is moving toward going public on Wall Street, the latest chapter in its meteoric rise from a little-known research laboratory to one of the leading AI companies valued at $965 billion.
Anthropic said Monday it has submitted a confidential filing with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.
“This gives us the option to go public after the SEC completes its review,” Anthropic said in a brief statement. “The proposed initial public offering will depend on market conditions and other factors.”
The company said it hasn't decided on the number or price of shares to be offered.
Anthropic said last week it had raised $65 billion in private funding that will push its valuation to $965 billion, a whopping number that makes the five-year-old maker of the Claude chatbot one of the world’s most valuable startups.
The announcement vaulted Anthropic ahead of its chief rival, ChatGPT maker OpenAI, both in market value and in reported revenue. Anthropic said it’s now making annualized revenue of $47 billion from selling its technology to people and organizations using Claude to write code and do other work and personal tasks on their behalf.
Anthropic was formed in 2021 by ex-OpenAI leaders and now both AI firms, along with Elon Musk’s rocket and AI company SpaceX, are all expected to become publicly traded. All three have been losing more money than they make, fueling concerns of an AI bubble.
Wedbush Securities analyst Dan Ives said Anthropic’s move “represents a major step for Anthropic to get ahead of OpenAI" and "an opening of the floodgates for the IPO market, which has been relatively dormant for a few years, with these three major conglomerates set to go public later this year.” Anthropic also last week launched its newest AI model, called Claude Opus 4.8, boasting that it is even better at coding and other professional work than previous models.
Claude’s growing popularity has left OpenAI playing catch-up despite its early lead in making ChatGPT a household name that sparked a commercial AI boom.
OpenAI last reported in March it was heading toward a $852 billion valuation after a $122 billion fundraising round. It has not yet reported filing initial IPO paperwork with the SEC.
SpaceX was valued at $800 billion last year, but its value grew to $1.25 trillion after the space exploration company merged with Musk’s xAI in February. Musk recently announced plans for one of the biggest stock sales ever and will be able to pitch the offering to investors as soon as this week.
FILE - Pages from the Anthropic website and the company's logo are displayed on a computer screen in New York, Feb. 26, 2026. (AP Photo/Patrick Sison, File)
LOS ANGELES (AP) — California spiraled toward a primary election Tuesday with its two marquee races defined by uncertainty and a pair of outsider candidates looking to crack open the state’s durable Democratic hierarchy.
In the governor's race, former Fox News TV host and British political adviser Steve Hilton is urging Republicans to unite behind him as he fights for one of two spots in the November election alongside two Democrats, billionaire climate activist Tom Steyer and former state attorney general Xavier Becerra.
In the Los Angeles race for mayor, reality TV personality Spencer Pratt is hoping to turn his insurgent campaign into a surprise upset of Democratic Mayor Karen Bass. The two are tightly clustered with Nithya Raman, a progressive member of the City Council running to Bass' political left.
“We can't give up on LA,” Pratt told applauding supporters at a block party Sunday. “We've got to fight.”
Democrats once feared that the party’s large field of gubernatorial candidates could open a path for two Republicans to advance to November. But in the campaign’s closing days, Hilton warned the opposite could happen — what he called a “doomsday scenario” in which only Democrats advance.
Hilton is pleading with his chief Republican rival, county Sheriff Chad Bianco, to pull out of the contest, fearing an all-Democratic ticket would dampen GOP turnout across the state and reorder races for Congress and the Legislature.
Becerra and Steyer locking out a Republican from the November ballot would be “a disaster for California, it means no change. It’s a disaster for everyone who’s running as a Republican up and down the ballot,” Hilton said on the social platform X.
Bianco said he wasn't backing down.
“It's clear that Steve Hilton supporters should unite and support me,” he posted late Sunday, adding that supporters of the Democratic candidates should vote for him too.
Mail voting began in early May, but just 15% of voters had returned their ballots as of Sunday. That's left the candidates seeing room for a last-minute shake-up in the race's closing days.
In heavily Democratic Los Angeles, Bass' shaky first term has left her vulnerable. She points to a drop in homelessness, though encampments and rows of rusting RVs remain a common sight in many neighborhoods. Meanwhile, she's still trying to overcome lingering fallout from the 2025 Palisades Fire, the most destructive in Los Angeles history. Bass was in Ghana as part of a presidential delegation when the flames ignited. Pratt lost his home in the blaze and has made the fire and the city's recovery a foundation of his campaign.
At Pratt's block party, Vivian Escalante, a historian who lives in the heavily Hispanic Boyle Heights neighborhood adjacent to downtown, said the quality of life has been sliding for years — dirtier streets, more homeless encampments and a lack of pride in the neighborhood she's called home all her life.
“It's gotten completely worse,” Escalante said, with a Pratt cap perched on her head. The Democratic Party, she said, has “completely abandoned us.”
The LA race is officially nonpartisan, but Bass is a Democrat, as is Raman, who made a last-minute decision to challenge her one-time ally and is among the top group of contenders.
Pratt, who rose to fame alongside his wife, Heidi Montag, on “The Hills,” is a registered Republican who has received a nod of approval — if not an outright formal endorsement — from President Donald Trump. He has sought to distance himself from national politics, saying his concerns are strictly within city limits.
A University of California, Berkeley, Institute of Governmental Studies poll, co-sponsored by The Los Angeles Times, found Bass tightly clustered with Raman and Pratt, with other candidates trailing. The poll of 1,351 likely voters conducted between May 19 and May 24 gave no candidate a statistically significant edge.
The city is at a difficult juncture.
Hollywood jobs have been decamping for years for cheaper filming locations. A downtown renaissance was crushed by extended pandemic closures and many office buildings remain desperate for tenants. The city has long struggled to provide basic services, whether paving buckled streets and fixing sidewalks or keeping streetlights on.
The governor's race has been the most wide open in a generation. More than 50 names are on the ballot.
Democratic Gov. Gavin Newsom is banned by law from seeking a third term. Other candidates seeking to replace him include former Democratic U.S. Rep. Katie Porter,Democrat Matt Mahan, the mayor of San Jose, and Bianco, the Riverside County sheriff.
Rebecca Katz, a strategist with Steyer’s campaign, said Sunday that they are “feeling pretty good” but emphasized how close the race was with a sporting reference, “It’s three candidates for two spots, every possession counts.”
Steyer, a former hedge fund manager turned liberal activist, has set spending records hoping to advance to the November contest. Hilton, a former Fox News host who has been endorsed by Trump, has promised to bring down costs in a state with some of the nation's highest gas prices, utility costs and taxes. Becerra has been stressing his experience in arguing he's best prepared to lead the nation's most populous state, having served as the Biden administration's health secretary, a former U.S. House member and state attorney general.
Broadly, Republicans in the race are promising drastic change after years of Democratic governance — Democrats haven't lost a statewide race in two decades and Republicans last elected a Los Angeles mayor in 1997. Democrats, though in charge for years, are promising to bring down costs and continue to fend off the Trump administration in its numerous conflicts with Democratic California.
Associated Press writer Jesse Bedayn in Austin, Texas, contributed to this report.
This story has been corrected to show California is the nation’s most populous state, not the second most populous
California gubernatorial candidate Xavier Becerra shakes hands with supporters during a campaign event in West Hollywood, Calif., Thursday, May 28, 2026. (AP Photo/Jae C. Hong)
California Republican gubernatorial candidate Steve Hilton speaks during a campaign event on Sunday, May 31, 2026, in Santa Monica, Calif. (AP Photo/Benjamin Hanson)
Los Angeles mayoral candidate Spencer Pratt during a campaign event Sunday, May 31, 2026, in Los Angeles. (AP Photo/Jill Connelly)
