New York, June 23, 2026, 04:29 EDT
Anthropic picked up support from Micron Technology on Monday, with the chipmaker set to supply memory and storage for the AI startup ahead of its expected IPO. Micron will also participate in Anthropic’s new funding round. Terms weren’t released.
The partnership is in focus as Anthropic looks for expensive computing resources, while public shareholders push AI firms to justify heavy spending. On Monday, chipmakers moved higher, but some major tech names dropped. David Wagner at Aptus Capital said there’s a split between “those who are receiving the checks … and those who are writing the checks.” Reuters
Micron announced a deal covering hardware design, product supply, integration of Claude at Micron, and a strategic investment. The agreement features high-bandwidth memory, or HBM, and includes DRAM and solid-state storage. Anthropic’s compute chief Tom Brown said memory and storage are key for training and serving Claude. Micron’s Sumit Sadana said AI has permanently raised the importance of memory and storage.
Anthropic announced on May 28 it secured $65 billion in new funding, putting its post-money valuation at $965 billion. The company also reported its annual run-rate revenue topped $47 billion earlier in the month.
Anthropic filed a confidential draft S-1 with the U.S. Securities and Exchange Commission four days later. The S-1 is the standard filing for an IPO. Anthropic did not specify the amount of shares or pricing. The company said any IPO would be based on market conditions.
OpenAI filed confidentially for an IPO a week after Anthropic, setting up both companies to compete for investor funds and valuation among leading AI developers. The company did not specify the amount or timing of its offering.
Kat Liu, vice president at IPOX, said Anthropic’s filing let it move quickly to catch strong investor demand for AI and growth stocks while conditions are good. PitchBook analyst Harrison Rolfes said the company had “volunteered to absorb all the disclosure risk first.” Reuters
Wall Street’s capacity has limits. “What OpenAI does not want is for the public market capital to exhaust itself,” said Gil Luria, managing director at D.A. Davidson, according to Reuters.
The main risk for Anthropic is its economics. Public investors have not been shown Anthropic’s gross margin. Rolfes said the number “will either validate or collapse the entire narrative” set by private valuations. Anthropic could see a lower valuation or a delayed IPO if infrastructure costs go up, demand is softer, or the IPO market slows. Reuters
Anthropic’s deal with Micron locks in supply. But the investment requirements stand out. The company’s eventual IPO filing will have to reveal if Claude’s revenue is enough to meet the cost of chips, servers, and electricity needed to keep it running.
