Anthropic's path from AI startup to industry-defining IPO
Anthropic began its roadshow for its US initial public offering (IPO) on Tuesday. The company hopes to raise up to $64.4 billion at a valuation of $1 trillion. This could be the first stock market listing by a leading AI research company.
Here is a look at the steps that led to the planned IPO:
May 2021:
Anthropic, led by siblings Dario Amodei and Daniela Amodei, announces that it has raised $124 million in its first major funding round, called Series A. Technology investor and Skype co-founder Jaan Tallinn led the investment.
April 2022:
Anthropic raises $580 million in a Series B funding round.
March 2023:
The company releases Claude, a large language model that competes directly with products from OpenAI.
May 2023:
Anthropic raises $450 million from investors, including Google's parent company, Alphabet, and Spark Capital.
September 2023:
Amazon.com announces that it will invest up to $4 billion in cash in Anthropic.
October 2023:
Google's parent company, Alphabet, agrees to invest up to $2 billion in Anthropic.
March 2024:
Anthropic introduces a group of AI models called Claude 3. The company says its most powerful model, Claude 3 Opus, performs better on several tests than competing models GPT-4 from OpenAI and Gemini 1.0 Ultra from Google.
August 2024:
Three authors file a class-action lawsuit against Anthropic in a federal court in California. They say the company wrongly used their books, along with hundreds of thousands of other books, to train its AI chatbot Claude.
November 2024:
Amazon.com invests another $4 billion in Anthropic.
March 2025:
Anthropic raises $3.5 billion in a funding round led by Lightspeed Venture Partners. The investment values the company at $61.5 billion after the new money is added.
September 2025:
Anthropic's value reaches $183 billion after the company raises $13 billion in a new funding round.
September 2025:
Anthropic introduces Claude 4.5. The company says the new AI model can write computer code for longer periods without stopping and is better at financial and scientific tasks.
February 2026:
Anthropic raises $30 billion in a funding round. This more than doubles the value of the company, which makes the Claude chatbot, to $380 billion.
February 2026:
US President Donald Trump says he is ordering the government to stop working with Anthropic. The Pentagon also says it plans to label the startup a supply-chain risk.
March 2026:
Anthropic files a lawsuit to stop the Pentagon from putting it on a national security blacklist. This increases the company's major legal battle with the US military over limits on how its AI technology can be used.
April 2026:
Anthropic releases Mythos, its most advanced AI model so far. The model has powerful abilities and is designed to help defend computer systems against cyberattacks.
May 2026:
Anthropic announces that it has raised $65 billion, giving the company a value of $965 billion.
June 2026:
Anthropic privately files paperwork to prepare for a US IPO. This puts it ahead of rival OpenAI in the closely watched race to become a publicly traded company.
July 2026:
A federal judge in San Francisco approves Anthropic's major $1.5 billion settlement of a class-action lawsuit. A group of authors had accused the company of wrongly using their books to train its AI chatbot Claude.
August 2026:
Independent music publisher Round Hill Music sues Anthropic and Suno in a California federal court. It claims the AI companies wrongly used hundreds of its songs to train their systems.
August 2026:
Anthropic expects its revenue in 2028 to be about $190 billion to $200 billion, Reuters reports, citing sources.
August 2026:
Anthropic's yearly revenue, based on its latest sales rate, passed $65 billion by the end of July, Reuters reports, citing a source.
October 2026:
Reuters reports, citing sources, that some people who already invest in Anthropic and others who may invest in its IPO are considering a lower value for the company. This follows the release of its latest financial information.
October 2026:
Anthropic says it is planning one of the largest IPOs in history. It plans to become a public benefit corporation, a type of company that must consider the wider public good as well as making profits.
November 2026:
Anthropic officially begins its IPO roadshow and plans to raise up to $64.4 billion through its US stock market listing.
(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila, Subhranshu Sahu and Shinjini Ganguli)
Copyright Reuters or USA Today via Reuters Connect
This story was originally published November 10, 2026 at 6:00 AM.