Anthropic Prepares for IPO with Valuation Around $965 Billion

AI startup Anthropic is advancing preparations for an initial public offering (IPO) scheduled for September through October of this year. As reported by the Wall Street Journal, the move could result in one of the largest IPOs in history. The company's current valuation has reached approximately $965 billion, an unprecedented level for an AI company.

Anthropic was founded in 2021 by former members of OpenAI and develops and provides the conversational AI assistant "Claude." Riding the wave of the generative AI boom, the company has grown while receiving substantial investments from major technology companies such as Google and Amazon. Investor presentations related to the IPO have been marked by challenging questions about the company's future business prospects.

Specifically, three key issues have been intensively raised by investors: competition with Chinese companies, political tensions with the Trump administration, and opposition movements against data center construction. All of these are directly tied to the company's growth strategy, and the question becomes whether Anthropic can bridge the gap between these challenges and its optimistic valuation.

Regarding competition with China, the backdrop includes the fact that Chinese-origin AI models such as DeepSeek are achieving high performance at significantly lower costs. Additionally, export restrictions and AI policy directions under the Trump administration are factors that could impact the global expansion of U.S. AI companies. Furthermore, data center construction, which is essential for rapid AI expansion, is facing resistance in various locations due to concerns about power consumption and environmental impact.

This IPO is receiving particular attention because Anthropic's listing price is expected to serve as a "benchmark" for valuing AI companies across the entire industry. The movement of the stock price after listing would have cascading effects not only on Anthropic itself but also on the valuations of other unlisted AI startups. In other words, it could become a touchstone that influences the flow of investment capital throughout the AI sector.

While expectations for generative AI continue to rise, concerns about paths to profitability and intensifying competition remain deeply rooted. The cautious stance of investors suggests that it is becoming increasingly difficult for AI companies to maintain high valuations based solely on expectations about future potential. How Anthropic addresses investor questions and at what valuation it ultimately achieves its IPO has become a closely watched moment for understanding the future direction of the AI industry.