Anthropic has overtaken OpenAI in the race to go public. That is very bad news for Sam Altman

Anthropic has formally filed to go public, potentially leaping ahead of OpenAI in the race for a landmark AI IPO.

The move evokes Netscape’s 1995 debut, but Anthropic looks commercially stronger thanks to real enterprise demand and recent profitability.

Even so, Anthropic and OpenAI are still burning huge amounts of cash, keeping debate alive over whether AI spending will pay off or turn into a bubble.