Anthropic IPO to test AI valuation expectations

Anthropic has taken a major step toward going public, putting it in position to compete with OpenAI and SpaceX in what could become a defining moment for AI market valuations. The company recently reached a $965 billion valuation and reported a $47 billion annualized revenue run rate, but analysts say the key question is whether its margins can support that scale of pricing once the company is in the public markets. The filing is being watched closely because it could affect how investors value other private AI companies and how enterprises think about the cost of AI systems. The broader IPO window for 2026 may become either a landmark period for tech listings or a cautionary example of valuations outrunning fundamentals.