Anthropic has confidentially filed for a U.S. IPO, signaling a potential milestone in the AI race to public markets as it vies with OpenAI for liquidity and scale.

The filing follows a $65 billion funding round that valued Anthropic at about $900 billion, with backers including Capital Group and Baillie Gifford.

Observers note SpaceX’s anticipated $75 billion offering, which could further intensify capital competition among top technology IPOs.

Industry experts say the three leading AI players represent distinct layers of the AI ecosystem, offering investors different but complementary visions of AI value.

Anthropic’s Claude has evolved into a core AI infrastructure bet, expanding into enterprise workflows, coding, and research, increasing competitive pressure with OpenAI.

Anthropic has expanded enterprise tools like Claude Code, positioning itself in the coding-tool race against OpenAI and Google.

Bullish voices from large asset managers and top banks view continued AI infrastructure spend and liquidity appetite as supportive for tech/AI IPOs.

Mythos AI has drawn scrutiny over cybersecurity and attracted attention from regulators and investors.

Disclaimer: the article reflects a personal analysis and is not investment advice; readers should seek independent guidance.

Industry opinions vary on timing and pricing, with cautious entries and concerns about volatility among early investors.

Anthropic’s business model likely hinges on subscription access and enterprise licensing, with growth driven by enterprise demand for AI tools.

Bearish notes from banks warn about risk transfer to public markets and potential froth in tech valuations.