Anthropic’s prospectus offers the clearest view yet of what it costs to build and sell frontier AI—and sets the bar OpenAI will be measured against if it lists in 2027.
For most of the past few years, the contest among AI labs has been scored on capability: whose model codes better, reasons further or handles longer tasks. Anthropic’s decision to go public adds a second scorecard. Once a company’s books are open, the question shifts from what its models can do to whether those models can pay for themselves.
The company has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. The share count, price range and offering valuation have not yet been set. If OpenAI follows in 2027, the comparison will sharpen. .