Anthropic files confidentially for IPO after $965 billion fundraise, citing capital needs for AI model training and inference

Anthropic announced a $65 billion fundraise at a $965 billion valuation that was greatly oversubscribed, and has now filed confidentially for an IPO. Co-founder Daniela Amodei said the move is driven by the high upfront costs of training AI models and serving inference on them.

The company's annualized revenue crossed $47 billion in May, up from roughly $9 billion at the end of 2025. Unlike rivals OpenAI and xAI, Anthropic has chosen not to build its own data centers, preferring instead to avoid overextending compute purchases; last month it partnered with xAI for compute capacity at $1.25 billion per month.

Amodei expects current AI use cases in coding, financial services, legal, and health care to remain primary drivers of value as businesses become more familiar with the tools and incorporate them into daily work, despite concerns from companies like Uber that not all AI spending has proven productive.