Anthropic Expands Tech Stack and Eyes IPO

Anthropic, one of the leading frontier-AI labs globally, is moving simultaneously on two high-impact fronts: deepening its infrastructure capabilities and exploring an eventual public listing. These developments signal both the accelerating maturity of the AI industry and increasing investor demand for exposure to high-growth AI infrastructure plays.

Claude Code Surges Past $1B Run-Rate as Anthropic Acquires Bun

In a major strategic move, Anthropic announced the acquisition of Bun — a high-performance JavaScript runtime that provides the core environment for launching and processing applications. Bun has become a critical tool for AI-driven software development, with over 7 million monthly downloads and adoption by companies such as Midjourney and Lovable.

The acquisition comes as Claude Code, Anthropic’s AI-driven coding assistant, reached $1 billion in run-rate revenue just six months after launch, marking one of the fastest enterprise software scale-ups in recent memory. Bun has played a critical role in enabling Claude Code’s speed and stability, and now the two technologies will be developed fully under one roof.

Anthropic emphasized that Bun will remain open-source and MIT-licensed, continuing to serve the broader JavaScript and TypeScript ecosystems while powering next-generation developer workflows inside Claude Code. The move aligns with Anthropic’s strategy to strengthen foundational infrastructure and cement its lead in enterprise AI tooling.

IPO Preparations: Early Signals of a Potential Market Debut

Parallel to product expansion, Anthropic has reportedly begun early IPO groundwork, engaging long-time legal advisor Wilson Sonsini to explore a potential listing as early as 2026. The company has also held informal conversations with major banks, although it stresses that no final decision has been made.

Market readiness remains uncertain, but investor interest is significant. Anthropic is currently raising a private round that could lift its valuation above $300 billion, with at least $15 billion already committed by Microsoft and Nvidia. Its last confirmed post-money valuation in September was $183 billion.

An IPO from a top-tier AI lab like Anthropic would be a defining moment for public markets. Analysts note that such a debut could:

• formalize valuation benchmarks for frontier-AI companies
• intensify competitive pressure among major labs
• accelerate consolidation in the sector
• push AI from “research cost” to a mainstream investable asset class

However, experts also warn of risks: inflated valuations, pressure to prioritize rapid scaling over safety, and further concentration of market power among a small group of advanced labs.

A Turning Point for Enterprise AI

Together, Anthropic’s acquisition of Bun and its early steps toward a public listing reflect a broader trend: AI infrastructure is becoming both mission-critical and investment-grade. As adoption accelerates across industries, companies building the backbone of this ecosystem, spanning developer tools and model-training infrastructure, are emerging as some of the most influential players in global technology.

For Raison investors, these dynamics reinforce a clear trajectory: frontier-AI companies are evolving from research-heavy labs into full-scale platforms with increasingly mature, diversified revenue models and long-term market visibility.