{"text":[[{"start":7.75,"text":"Anthropic has filed for an initial public offering that is set to value the Claude maker at more than $1tn, setting up a race with OpenAI and SpaceX that will test investors’ appetite to back cash-burning AI labs."}],[{"start":23.25,"text":"The group on Monday said it has confidentially submitted paperwork to the US Securities and Exchange Commission, kicking off a process that could set the stage for its Wall Street debut within a few months."}],[{"start":35.45,"text":"OpenAI, recently valued at $852bn, is also planning to file imminently, while SpaceX published its IPO prospectus last month, targeting a listing at a valuation of $1.75tn in the coming weeks."}],[{"start":49.45,"text":"Anthropic closed a $65bn funding round last Thursday, valuing it at $900bn not including the new investment, which came from large public market investors including Capital Group and Baillie Gifford as well as venture firms and strategic partners. "}],[{"start":66.1,"text":"That is likely to be the group’s last private funding round, said multiple investors in the company."}],[{"start":72.19999999999999,"text":"Anthropic has yet to set a price target for the listing, but investors in the group anticipate it will value it well above $1tn. "}],[{"start":80.49999999999999,"text":"The group on Monday said the decision to submit a draft registration statement “gives us the option to go public after the SEC completes its review. The proposed initial public offering will depend on market conditions and other factors.”"}],[{"start":94.89999999999999,"text":"US tech groups often file IPO paperwork confidentially, keeping sensitive data on financial performance out of the public eye while the SEC reviews documents. That allows start-ups to gauge the extent of investor demand, make revisions and in extreme circumstances scrap plans to go public without broader scrutiny."}],[{"start":115.25,"text":"The company’s valuation has increased more than 15-fold over the past 15 months since a funding round in March 2025 valued the group at about $60bn."}],[{"start":127.65,"text":"The increase has come on the back of explosive revenue growth. Anthropic’s annualised revenues — an estimate of yearly revenue based on recent performance that is favoured by fast-growing start-ups — have increased fivefold since the start of the year, passing $47bn last month. "}],[{"start":146.65,"text":"The company has focused on selling its AI tools to businesses, gaining traction with its coding model Claude Code and AI agent Claude Cowork. "}],[{"start":155,"text":"Anthropic’s AI model, Mythos, has spooked governments and financial institutions with its advanced cyber security capabilities. Mythos is being gradually rolled out to US allies, including the EU. "}],[{"start":167.3,"text":"Together, OpenAI, Anthropic and Elon Musk’s xAI, which recently merged with SpaceX, have raised hundreds of billions of dollars as private companies. Those funds have largely been used to fund computing power and infrastructure required to train and run energy-intensive AI models. "}],[{"start":184.8,"text":"Anthropic has struck deals with Google, Broadcom and Amazon potentially worth hundreds of billions of dollars to access computing power in the coming years. The AI group also agreed to lease two massive data centre campuses from SpaceX last month in a deal worth $15bn a year to the rocket maker. "}],[{"start":204.20000000000002,"text":"As Anthropic, SpaceX and OpenAI look to tap public markets for their next stage of growth, their listings would be among the biggest of all time, alongside Saudi Aramco’s blockbuster IPO in 2019. Taken together, they present a major test of the depth of demand for AI businesses in the public markets. "}],[{"start":232.05,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780359449_5740.mp3"}