Private investors are lining up for a piece of Anthropic, an artificial intelligence model maker that has seen its annualized revenue soaring to $47 billion. The company is now preparing for an IPO, partly motivated by the need for capital to train and serve inference on its models.

Speaking at the Bloomberg Tech conference, co-founder Daniela Amodei explained: “It’s a big upfront cost, but over time, companies working to advance AI will need access to capital. The public market is well suited for this.”

The rapid growth of Anthropic faces scrutiny from companies like Uber, who have seen their AI investments yield mixed results. Amodei remains optimistic: “AI use cases today are the primary driver of efficiency or creativity, and as businesses get more familiar with these tools, we’ll see greater incorporation into daily work.”

Unlike rivals OpenAI and xAI, Anthropic has opted not to build its own data centers. Amodei stated that they prefer to have some extra demand for their product rather than excess capacity.

The company recently partnered with xAI for compute capacity, a deal costing Anthropic $1.25 billion per month, surprising the AI industry and later disclosed in SpaceX’s S-1 filing.