Anthropic's path from AI startup to industry-defining IPO

In September 2025, AI startup Anthropic unveiled its Claude 4.5 model, boasting enhanced abilities for coding, finance, and scientific tasks compared to previous iterations. By February 2026, the company's valuation had skyrocketed to $380 billion following a $30 billion funding round, nearly doubling its worth. In March of the same year, Anthropic found itself at the center of a government controversy when U.S. President Donald Trump announced plans to halt federal collaboration with the firm, while the Pentagon labeled it a supply-chain risk.

Despite these challenges, Anthropic continued to make strides. In August 2026, the company confidentially filed for a U.S. IPO, overtaking OpenAI in a highly anticipated race to go public. According to sources cited by Reuters, Anthropic projected annual revenue of approximately $190 billion to $200 billion by 2028, with its annual revenue run rate reaching $65 billion by the end of July 2026.

The company's growth trajectory indicated strong confidence from investors, who had backed it through numerous funding rounds, culminating in a $65 billion valuation in August 2026.