Anthropic's IPO could reshape Wall Street and Silicon Valley

Anthropic filed for an IPO on Monday, positioning it for what could be the largest initial stock offering in history, with a potential market cap in the trillions. The AI company's debut is seen as critical for the tech sector and Wall Street amid a sputtering AI trade. The five-year-old company reported second-quarter revenue of $11.56 billion, a 14-fold increase from a year earlier, and posted $974 million in operating income after five quarters of losses. Close to half its revenue comes from Claude sold through Microsoft, Amazon, and Alphabet's cloud divisions, which hold investments in the company. Anthropic will be the third company to go public with a valuation above $1 trillion, after Saudi Aramco and SpaceX. A lackluster debut could push out OpenAI's planned 2027 offering and cause investors to rethink valuations across the AI sector, with some experts warning of a "trickle-down effect" on private markets.