Anthropic Could Beat OpenAI to Wall Street by Over a Year

Anthropic has filed its IPO prospectus and could reach public markets ahead of OpenAI, which has pushed its own listing to 2027. That would make Anthropic potentially the first pure-play AI frontier lab open to everyday investors, with a timing edge of more than a year.

The filing shows hypergrowth alongside heavy losses. Anthropic reported revenue of $4.6 billion in 2025, a 1,050% increase, but booked an operating loss of $8.06 billion. In other words, the company lost roughly $1.75 for every dollar of revenue it generated.

The spending plan is the bigger number. Anthropic intends to commit $518 billion to infrastructure and computing power in coming years, more than 100 times its 2025 revenue. Interpretation: investors would be underwriting a capital-intensive buildout where the growth rate must stay extraordinary to justify the burn.

The canonical tickers tied to this story are AMZN, GOOG, GOOGL, GOOGM and GOOGN. The source supplies no detail on how the IPO would affect those names, so any read-through is analytical interpretation: a public listing would create a visible market price for a frontier lab, and a first-mover advantage over OpenAI's 2027 timeline could shape how investors benchmark AI valuations.