New Delhi, Aug. 10 -- WHEN ANTHROPIC, an artificial-intelligence lab, debuts on stock markets later this year, it is likely to be one of the biggest initial public offerings in history. That's because Claude, the company's chatbot is beloved of coders, who are willing to pay a lot for access. Since Claude Code, its software-engineering agent, launched in February 2025, it has become indispensable for developers around the world. That includes Anthropic's own: more than four-fifths of the code it published in May was written by Claude, the company says. Before Claude Code, the percentage was "low single-digits".

The systems have improved in quality of output as well as quantity. An influential benchmark from METR, a think-tank, shows that...