The race to become the first major AI company to go public is heating up. Anthropic, the artificial intelligence startup backed by Amazon.com (AMZN) and Alphabet Inc. (GOOGL) (GOOG), has started laying the legal foundation for what could become one of the largest tech IPOs in history, according to a Financial Times report citing people familiar with the matter.

Building the IPO Machine

The Claude-maker has brought on Wilson Sonsini, the Silicon Valley law firm that's basically the Rolodex of successful tech IPOs, to handle early preparations for a public debut that could happen as soon as 2026. This isn't just any legal hire—Wilson Sonsini has guided Google, LinkedIn (later acquired by Microsoft Corp (MSFT)), and Lyft Inc. (LYFT) through their market debuts. The firm has been advising Anthropic since 2022, so they know the company inside and out.

The timing makes sense. Anthropic is simultaneously negotiating a funding round that could push its valuation north of $300 billion, representing a massive jump from where it stood just months ago. In September, the company's valuation more than doubled to $183 billion after raising $13 billion in fresh capital. Now Microsoft (MSFT) and Nvidia Corp (NVDA) have reportedly committed $15 billion as part of the next capital raise, which could drive the valuation as high as $350 billion.

The Careful Dance of Going Public

Of course, Anthropic is being careful not to commit to anything publicly. A company spokesperson told the Financial Times that Anthropic operates with the discipline of a listed firm but hasn't actually decided to go public. It's common for companies at this scale to function like public companies even while remaining private, the spokesperson noted, adding that no decisions have been made about when or whether to pursue an IPO.

That's standard corporate speak for "we're preparing but keeping our options open," which is exactly what you'd expect from a company at this stage. OpenAI is also quietly working on IPO preparations, though neither company has set a timeline, according to the report.

The Revenue Story Gets Interesting

Here's where things get compelling: Anthropic's revenue is growing fast. The company disclosed in October that its annual revenue run rate is approaching $7 billion, up from just over $5 billion in August. That's serious growth in a short period.

Looking ahead, Anthropic expects to hit its internal target of a $9 billion annual revenue run rate by the end of 2025. For next year, the company is projecting more than $20 billion in annualized revenue in its base case scenario, with potential upside reaching $26 billion. Those are the kinds of numbers that make investment bankers start dreaming about IPO roadshows.

Meanwhile, OpenAI has outlined its own ambitious five-year strategy focused on expanding revenue sources, securing debt financing, and raising additional capital to support its $1 trillion investment plan. The parallel paths of these two AI giants toward the public markets will be fascinating to watch.

What This Means for Investors

If Anthropic does go public at a $300 billion-plus valuation, it would rank among the biggest tech IPOs ever. For context, that valuation would put it in rarefied company—larger than most S&P 500 constituents on day one. The question for eventual public market investors will be whether the revenue growth can justify such a massive valuation, especially as competition intensifies in the AI space.

The backing from Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT), and Nvidia (NVDA) certainly provides credibility and infrastructure advantages. These aren't just passive investors—they're strategic partners providing cloud computing power, distribution channels, and technical expertise that could help Anthropic scale rapidly.

For now, this remains a waiting game. Anthropic is building the foundation for a potential public debut while keeping the actual decision point flexible. That's smart positioning in an uncertain market environment where AI valuations have been volatile and investor appetite for tech IPOs can shift quickly. But with revenue climbing and major tech players backing the company, Anthropic is clearly positioning itself as a serious contender in the race to become AI's first mega-IPO.