Anthropic, the artificial intelligence company behind the Claude chatbot, is preparing for a public listing that could set new records on Wall Street. The company, founded by former OpenAI executives, has seen explosive growth in revenue, but its path to the public markets is fraught with challenges, including massive losses and a contentious relationship with the Trump administration.
Here are five essential things to know before Anthropic's debut.
1. A company built on caution
Anthropic was established in 2021 by Dario Amodei and his sister Daniela, both former OpenAI leaders who believed the tech industry was not taking the risks of artificial intelligence seriously enough. Dario, a Princeton-trained biophysicist, leads the company as CEO, a background that sets him apart from many tech executives who studied computer science. The company's name, meaning "relating to human beings," reflects its focus on safety and alignment.
With 5,000 employees, Anthropic has grown from a small upstart into a major player in the AI sector, challenging the dominance of OpenAI.
2. From underdog to contender
For years, Anthropic was seen as trailing behind OpenAI, which captured global attention with the launch of ChatGPT in November 2022. But while OpenAI diversified into video generation and web browsers, Anthropic concentrated on AI tools for developers and businesses. That narrow focus has paid off: coding assistants like Claude Code have become hugely popular, pushing Anthropic's annual revenue run rate above $65 billion (€55.6 billion).
In contrast, only a small fraction of ChatGPT users pay for subscriptions, and OpenAI has reportedly scaled back some projects. Anthropic's strategy has proven that businesses are willing to pay for AI that delivers tangible value.
3. A clash with the White House
Despite its commercial success, Anthropic faces significant political headwinds. In March, the US government terminated its contracts with the company and labeled it a supply-chain risk after Anthropic refused to give the military unrestricted access to its AI models. Anthropic called the move "unconstitutional retaliation" and has taken legal action, a dispute that could drag on for years.
The Trump administration has also criticized CEO Dario Amodei for his warnings about AI's dangers, including job displacement, and his calls for regulation akin to that of airlines or banks. Amodei's ties to effective altruism, a philosophy of strategic giving, have further alienated conservative circles in Silicon Valley and Washington.
4. The need for massive capital
Developing cutting-edge AI requires enormous computing power and infrastructure, and Anthropic is no exception. The company has raised funds at unprecedented levels, with a valuation of $965 billion (€829 billion) after a $65 billion (€55.8 billion) funding round in May. But as the sums grow beyond the capacity of venture capital and sovereign wealth funds, a public listing offers access to a much larger pool of capital.
However, going public also brings greater scrutiny. Investors will question whether Anthropic's vision for AI can translate into a sustainable business. OpenAI, which initially considered a listing this year, is now reportedly waiting until 2027, underscoring the challenges of going public in this sector.
5. Heavy losses ahead
Anthropic aims to raise more than the $75 billion (€64.3 billion) that SpaceX secured in its record IPO in June, according to Bloomberg. But investors must be prepared for significant losses. The company lost almost $42 billion (€36 billion) in 2025, according to US media reports, and is expected to continue burning cash for years.
To attract investors, Anthropic will argue that its total addressable market is worth more than $30 trillion (€25.7 trillion), according to the Wall Street Journal. That figure represents the potential market for its AI services, not its expected revenue.
As Anthropic prepares for its Wall Street debut, the stakes are high. The company's success could reshape the AI industry, but its challenges are equally formidable. For European investors and tech watchers, the IPO will be a test of whether AI's promise can outweigh its costs.
