Anthropic has confidentially filed paperwork for an initial public offering, co-founder Daniela Amodei confirmed Thursday at the Bloomberg Tech conference. The move comes on the heels of a massive $65 billion fundraise at a $965 billion valuation that, according to multiple investors, was heavily oversubscribed. Amodei framed the decision to go public as a matter of necessity, noting that training frontier models and serving inference at scale requires enormous upfront capital. "I think the public market is very well suited to that," she said, suggesting that the small group of companies pushing the AI frontier will increasingly need access to deeper pools of capital than private markets can provide. The IPO filing caps a stretch of explosive growth for the AI lab. Anthropic announced that its annualized revenue crossed $47 billion in May, a dramatic jump from roughly $9 billion at the end of 2025. That pace, however, is running into fresh skepticism about whether corporate AI spending is actually paying off. Uber has publicly noted that some of its AI investments have failed to deliver productive returns, fueling concerns that enterprises could pull back on budgets and slow growth across the sector. Amodei brushed off those worries, arguing that companies are still in the early innings of learning how to deploy AI effectively in areas like coding, financial services, legal, and health care, and that more value will be unlocked as familiarity grows. On the infrastructure side, Amodei drew a clear contrast with rivals OpenAI and Elon Musk's xAI, both of which have invested heavily in building proprietary data centers. Anthropic has chosen a more conservative path, preferring to lease compute capacity rather than commit to large capital expenditures. The company's philosophy, she explained, is to plan for strong demand without overextending on resources it might not productively use. "We would much prefer to be on the side of having a little bit more demand for the product than we're able to serve than" overinvesting in capacity, Amodei said, reflecting a bet that flexibility will serve Anthropic better than vertical integration as the AI race accelerates.