Anthropic is preparing to submit public IPO paperwork before the end of August, with the AI developer aiming for a valuation and share-sale size that would top the record set by SpaceX earlier this year, according to Bloomberg reporting cited across multiple outlets.
The company has already filed a confidential draft registration statement with the U.S. Securities and Exchange Commission, and a market debut could arrive as soon as October — a timeline that would put Anthropic ahead of rival OpenAI, which has pushed its own offering into 2027.
Chief Financial Officer Krishna Rao outlined the filing plans to investors at a recent briefing but stopped short of confirming a specific valuation target. Anthropic is working with Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citi on the offering, with additional underwriters possibly joining. Terms, including the ultimate deal size, remain subject to change as discussions continue.
The company is reportedly eyeing a post-listing valuation near $2 trillion, which would surpass the $1.77 trillion valuation SpaceX achieved in its own record-breaking listing. Elon Musk’s rocket company raised $75 billion in that offering — the largest first-time share sale on record — a figure that climbed to $86.2 billion once the overallotment option, typically triggered by strong early trading, was exercised. Investor demand for SpaceX shares during bookbuilding reportedly topped $150 billion, more than double the original target, pulling in capital from equity, digital-asset and bond markets alike.
Should Anthropic price above SpaceX’s mark, 2026 would become the strongest year on record for U.S. IPO proceeds. New listings had already raised $160.6 billion through August 19, closing in on the $195.2 billion full-year record set in 2021 — a tally boosted by South Korean chipmaker SK hynix’s $26.5 billion American depositary receipt offering, among other large deals this year.
Anthropic’s push toward the public markets follows a run of rapid revenue growth. Preliminary second-quarter revenue exceeded $11.5 billion, more than 14 times higher than the $787 million recorded in the same period last year, and the company’s annualized revenue run rate hit $65 billion by late July. That growth came alongside the company’s first positive adjusted operating income in the second quarter — a milestone rival OpenAI has yet to reach.
Even so, Anthropic posted a net loss of roughly $42 billion for 2025, nearly five times the approximately $8.3 billion loss it recorded the year prior, underscoring the heavy costs of scaling advanced AI infrastructure. Part of that spending is tied to a computing-capacity agreement with SpaceX that could be worth tens of billions of dollars over three years. Ahead of going public, Anthropic is also said to be finalizing a revolving credit facility larger than the roughly $10 billion it originally sought.
The company most recently raised $65 billion in May at a $965 billion valuation, edging past the $852 billion valuation OpenAI reached after raising $122 billion in March.
