The Antropic logo. [Reuters Yonhap News] 사진 확대 The Antropic logo. [Reuters Yonhap News]

Antropic, which develops and operates AI ‘Claude’, is expected to apply for listing at the end of this month with the aim of breaking the record for the largest procurement in IPO (initial public offering). The market expects Antropic, which has already applied for listing in a closed manner, to exceed SpaceX’s $1.77 trillion by estimating its corporate value at USD 2 trillion (about KRW 2,762 trillion) after listing.

According to the industry on the 23rd, Bloomberg recently reported that Antropic is preparing to apply for a public listing as early as the end of this month. As a result, competition among Wall Street investment banks is intensifying. Morgan Stanley, Citigroup, Goldman Sachs, and JPMorgan Chase are expected to participate as the listing organizers.

Securing a top organizer position in a large IPO has the advantage of receiving more fees than other participating banks. It can also occupy an advantageous position in the performance ranking under the supervision of the capital market.

SpaceX, an aerospace and artificial intelligence (AI) company led by Elon Musk, raised $75 billion (about 104 trillion won) during its IPO in June, setting a record for the largest IPO ever. Since then, the final procurement has increased to $86.2 billion (about 119 trillion won) as the over-allocation option of selling additional stocks has been exercised when stock prices rise after listing.

Established in 2021, Antropics has become the world’s most notable prospective listed company thanks to the explosive growth of corporate AI services such as coding. In particular, the size of Antropics is growing rapidly.

Antropic raised $65 billion (about 89.8 trillion won) in May in recognition of its corporate value of $965 billion (about 1,340 trillion won). This is more than $852 billion (about 1,180 trillion won), which was evaluated by competitor OpenAI attracting $122 billion (about 169 trillion won) in March.

Sales growth is also steep. Antropic’s preliminary sales for the second quarter exceeded $11.5 billion (about 16 trillion won), surging 1361% from $787 million (about 1.1 trillion won) in the same period in 2025, and its annualized sales reached $65 billion as of the end of July. However, due to the enormous cost of developing AI models, net loss last year was $42 billion, which is five times higher than $8.3 billion last year.

Antropics is considering introducing ultra-majority voting shares. CEO Dario Amodei, who owns about 2% of the stake, and co-founders will have more control over the company.

Unlike other big tech such as Google and Microsoft (MS), Antropic does not operate AI data center business, so it has to rely entirely on external procurement for this infrastructure.

Therefore, the main verification issue is whether investors will be able to secure AI infrastructure stably during the public offering process, and whether they will be able to prove long-term profitability while bearing the infrastructure cost burden.

Meanwhile, rival and ChatGPT operator OpenAI is reportedly preparing to go public with the aim of an IPO next year.

Citing multiple sources, U.S. economic broadcaster CNBC reported on the 19th (local time) that OpenAI Chief Financial Officer Sarah Pryor said at a meeting of all employees held on the same day, “OpenAI will become a listed company in 2027.”

CFO Prior said he does not see the IPO as the end goal of his business. He stressed to his employees that OpenAI raised $122 billion (about 169 trillion won) in March to secure sufficient funds management capacity, noting that “[IPO] is not the finish line, but a milestone and another financing process.”

OpenAI reportedly submitted IPO-related documents to the U.S. Securities and Exchange Commission (SEC) privately in June. It did not disclose specific plans such as the timing of the listing or the size of the public offering.