Anthropic is reportedly accelerating plans for a major U.S. IPO that could challenge SpaceX’s record for the largest new share offering. The Claude developer could file as early as late August, with a potential market debut in October and a targeted $2 trillion valuation. The offering could also become a major test for investor appetite ahead of the U.S. midterm elections.
IPO Could Challenge SpaceX Record
- Anthropic is expected to file for its IPO later this month, according to Bloomberg, with CFO Krishna Rao reportedly discussing the timeline at an investor briefing.
- The company could begin trading as early as October.
- Anthropic is targeting around $2 trillion, above SpaceX’s reported $1.77 trillion valuation.
- SpaceX raised $75 billion at its listing, with the final amount reaching $86.2 billion after an over-allotment option. Demand exceeded $150 billion during bookbuilding.
- Underwriters: Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citi are reportedly working on the offering.
Revenue Surges, But Losses Remain
Anthropic’s fast growth is making investors more confident and excited about the company. The Firm’s preliminary Q2 revenue topped $11.5 billion, up 1,361% from $787 million a year earlier. Its annualized revenue reached $65 billion by the end of July.
However, profitability remains a major issue. Anthropic recorded a $42 billion net loss in 2025, compared with approximately $8.3 billion the previous year. Its adjusted operating profit turned positive in Q2, although the company continues to face heavy costs from developing advanced AI systems.
Anthropic has also signed an agreement with SpaceX for computing resources that could be worth tens of billions of dollars over the next three years.
Funding, Control and Market Impact
Anthropic raised $65 billion at a $965 billion valuation in May, surpassing OpenAI’s $852 billion valuation from its March funding round.
The company is also considering super-voting shares, which could give CEO Dario Amodei and co-founders greater control. Amodei owns about 2% of Anthropic.
The IPO could potentially pull capital from global equities, bonds and digital assets, similar to SpaceX’s massive fundraising. However, investor activity could be affected by the November 3 U.S. midterm elections.
Meanwhile, U.S. companies that went public have already raised $160.6 billion this year, approaching the $195.2 billion record from 2021. South Korean chipmaker SK hynix has also raised $26.5 billion through its first U.S. ADR offering.
If Anthropic achieves its targeted valuation and raises more than SpaceX, it could reshape the 2026 IPO record books while becoming one of the biggest tests yet of investor confidence in the AI boom.