Anthropic has confidentially filed for an initial public offering, becoming the latest artificial intelligence giant to move toward public markets as competition intensifies among leading AI developers.
BNN Bloomberg spoke with Dan Ives, managing director and global head of technology research at Wedbush, who said Anthropic’s filing could provide a key valuation benchmark for the AI sector as investors assess growth prospects across the industry’s biggest players.
Key Takeaways
- Anthropic’s confidential S-1 filing marks a major milestone in the race among leading AI companies to access public markets.
- Being first to market could provide Anthropic with a valuation advantage, as future AI IPOs may be measured against its public debut.
- Investors are expected to focus closely on valuation metrics and growth expectations as more details emerge from the filing process.
- Strong private-market demand and funding rounds have already established significant price discovery for major AI companies ahead of their IPOs.
- Anthropic, OpenAI and SpaceX could help reignite broader IPO activity and attract fresh investor interest in growth-oriented technology companies.
Read the full transcript below:
ROGER: Well, AI giant Anthropic has filed for an initial public offering, edging ahead of its rival, OpenAI. Anthropic is behind the AI chatbot Claude, which is capable of a wide variety of tasks, such as speaking with users, answering questions and helping with writing. Let’s check in now with Dan Ives, global head of technology research at Wedbush, to get his thoughts on the latest IPO. Could this be the year of the IPO?
DAN: I think that would be a good one. You could say this is historic in terms of what we see with SpaceX, Anthropic and OpenAI — trillions of dollars combined in terms of valuation that we’re seeing because of this AI revolution. I think it’s a “get the popcorn out” moment.
ROGER: And with Anthropic — I don’t want to get all of them combined with Anthropic — what are you going to be looking for over the next little while before we can actually buy it?
DAN: Well, first off, it’s about the S-1. Remember, that’s the confidential filing. That’s just the first step. Then it’s, do they get out before OpenAI? Because if you go back a few weeks ago, many thought OpenAI would get out before Anthropic. I do think there’s a first-mover advantage here. Then it comes down to the numbers. They’ve obviously been astronomical in terms of growth, but ultimately it all comes down to valuation. That’s where the rubber meets the road — what investors ultimately value these companies at.
ROGER: And how important is it that they get out ahead of each other? Why does that matter?
DAN: It’s important because you establish a valuation framework. You’re first to market with investors on roadshows around the world, and then the second one is judged against you. Now, you could say there’s some initial risk in terms of first-mover advantage, and whoever goes second can learn from the mistakes of the first. But these companies have also had massive price discovery in the private markets. It’s not like they’re going public and investors are asking, “Who’s Anthropic?” That’s the other important thing. There’s been a lot of price discovery given you’re talking about the foundation of AI around the world.
ROGER: So where do you see Anthropic coming in? I think the last number I saw had it just under a trillion dollars. Is that realistic?
DAN: Look, time will tell. It speaks to what we’re seeing with SpaceX and valuations in the $1.7 trillion to $1.8 trillion range. You’re talking about the heart and lungs of the AI revolution. Anthropic and OpenAI are central players in what I view as a fourth industrial revolution that is only about 15 per cent through its buildout. That’s why I think sometimes investors look at valuations and say they’re expensive based on today’s numbers. We see that argument across tech stocks. But you have to see around corners to where growth is going. That’s how you value growth and future cash flow over the coming years.
ROGER: There’s always that concern that IPOs don’t necessarily make you money right away. You buy early and take a hit. Do you feel that’ll be the case with Anthropic and, I guess, with all three of them if we bring SpaceX into it?
DAN: Look, these companies wouldn’t be going public if they didn’t have confidence in the multiyear, decade-long buildout ahead. As someone who’s covered tech stocks since the late 1990s, I can point to Meta’s IPO when it was still Facebook, Amazon and many others where there were bumps in the road. But you need a longer-term time horizon, especially when you’re talking about a fourth industrial revolution. When you think about space and the next generation of AI, that’s what Anthropic, OpenAI and, of course, SpaceX are pursuing.
ROGER: And with SpaceX, they’re being pretty tight-lipped about how they’re handling everything. They’re taking a very confident approach, I guess. Would some call it an arrogant approach? Is that a tell?
DAN: Oh, yeah. If you looked up confidence in the dictionary, you might see SpaceX’s ticker symbol. It’s highly unusual to come out with a specific price target so early. But it goes back to what we were talking about before. The price discovery in the private markets is already there. When they go public, there’s a lot of transparency around demand and supply in the private markets.
ROGER: So you feel the money is there for all three of them. People are going to have money set aside. Are we going to see more IPOs because of this? Not at this level, obviously, but more broadly?
DAN: Look, this is not the end. We’ve said the AI party started at 9 p.m. and it’s about 11:30 p.m. The party goes until 4 a.m. Sure, maybe the DJ stops playing music for a while or the cops show up because of a noise complaint. But the point is, that’s where we are. The bears are going to be watching this party through the windows.
ROGER: Sorry, I’m just getting a visual of some parties I’ve been to at three or four in the morning. We’re also seeing some of these companies working together. I believe SpaceX and Anthropic have partnered in some capacity. What does that tell you?
DAN: Because they’re on the dance floor together, right? It speaks to the collaboration happening across the tech space. Look at the investments and partnerships involving Nvidia, AMD and Microsoft. For the first time in 30 years, the U.S. has a clear advantage over China when it comes to technology leadership. You’re seeing that buildout happen in real time. There will be a lot more partnerships and collaboration, and the reality is we’re still in the early days of what I view as a multiyear bull market for tech.
ROGER: All right, we’ve got to wrap it up there, Dan. But I’m sure when the lights come on at 4 a.m., you’ll still be there dancing. Thanks very much for joining us today. Dan Ives, managing director and global head of technology research at Wedbush.
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This BNN Bloomberg summary and transcript of the June 3, 2026 interview with Dan Ives are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
