Anthropic, an artificial intelligence startup, is the subject of feverish listing talk and is seen as a potential initial public offering candidate for as early as 2026, according to five sources familiar with the matter, although a spokesperson for the company denied that the company is gearing up for a deal next year.

The sources said that the plan is still in the early stages, and advisors are already working to ensure they are well-positioned for a role in the high-profile listing. The spokesperson though said those specific claims are incorrect and based on speculation, not facts.

A source with close ties to one of Anthropic’s major investors said that while an IPO of the company is definitely on the horizon, the timing is uncertain, citing recent sector volatility sparked by industry developments such as the rise of Chinese AI competitor DeepSeek as well as the huge volumes of private capital injected into Anthropic.

Two advisors previously said that Anthropic had already begun envisioning what an IPO would look like, and several of the sources suggested that the preparation is ramping up.

A venture capital investor noted that Anthropic’s IPO would be a key event for the AI sector. “Anthropic is the IPO all the AI startups and investors will be watching,” he said.

The startup’s AI agents can complete complex tasks like a human, making it a leading player in the AI space.

‘Insane’ growth

Anthropic’s financials and rapid growth position it as one of the most highly anticipated tech IPOs in the US. A fund manager who also pegged the IPO timeframe loosely for 2026 noted that Anthropic’s revenues are more than USD 1bn and growing quickly, with its Claude learning language model technology driving “insane” revenue growth.

The fund manager added that Anthropic is Amazon’s largest investment ever, benefiting from Amazon’s advanced data centers and extensive resources. It also has the advantage ofAlphabet as a strategic investor, he noted.

Anthropic recently closed a USD 3.5bn funding round at a USD 61.5bn valuation, and an ECM advisor noted that while the company remains flexible on timing, it could theoretically IPO as soon as 4Q25 but is unlikely to do so following this month’s Series E raise.

It would be easy for Anthropic to raise more capital in the private markets, the advisor added, but going public helps with employee retention and marketing and would further establish it as a dominant AI strategic.

An Anthropic IPO could spark a wave of AI listings, the sources noted while mentioning its listing could follow an IPO from Databricks, a highly scaled data platform that helps businesses build and govern AI applications. Both are considered bellwethers for the sector.

While Anthropic is only a few years old, Databricks has been in business for over a dozen and already operates like a public company, one industry executive noted.

Given its rapid growth, and backing by two of the largest tech companies, Anthropic is expected to be comped against the biggest high-growth software companies, including Databricks should its listing precede it.

One investor suggested that by the time Anthropic goes public, its valuation could surpass USD 100bn if its rapid growth continues.

While an IPO is likely, the possibility of an acquisition cannot be ruled out. With Amazon and Alphabet deeply invested, either one of those hyperscalers could make a move to acquire the business outright, the investor and industry executive said.