Anthropic is preparing a stock market listing sized to match or beat the largest public offering ever completed, according to people familiar with the company’s preparations. The Anthropic IPO could rival or surpass the $75 billion SpaceX raised in June, positioning the AI company for one of the biggest debuts in stock market history.
A public filing could land within weeks. Investor briefings led by chief financial officer Krishna Rao have sidestepped questions about the eventual valuation, and Anthropic could file paperwork as soon as the end of August.
The SpaceX comparison runs deeper than raw numbers. Anthropic buys computing capacity from SpaceX under an agreement reportedly worth tens of billions of dollars over three years. A listing that matches SpaceX’s would mean Anthropic going public at the same scale as one of its own suppliers.
Revenue climbs, so do the losses
The growth behind the ambition is real. Anthropic’s preliminary second quarter revenue passed $11.5 billion, up from $787 million in the same period last year, and its annualised run rate reached $65 billion by the end of July.
The losses tell a different story. Anthropic recorded a net loss of almost $42 billion in 2025, roughly five times the $8.3 billion it lost the year before, though adjusted operating income turned positive in the second quarter. Investors weighing the IPO will need to balance that revenue curve against the size of the losses stacking up alongside it.
What investors are being asked to price
The number being floated is a forecast, not a snapshot. TNW reported this week that a valuation approaching $2 trillion rests on internal projections of $190 billion to $200 billion of revenue in 2028. Morgan Stanley, Goldman Sachs and JPMorgan are working on the listing, and a revolving credit facility is on track to close above its $10 billion target.
How the Anthropic IPO compares with OpenAI’s plans
Anthropic is not the only AI lab weighing a listing, but it is moving faster. Both Anthropic and OpenAI have filed confidentially with regulators, and OpenAI is now looking at 2027 for its own debut. The private markets already previewed this order: Anthropic raised $65 billion in May at a $965 billion valuation, overtaking OpenAI, which raised $122 billion in March at an $852 billion valuation.
A listing at record size would reshape the year for US markets. IPOs have raised $160.6 billion through August 19, short of the $195.2 billion record set in 2021, a year that already includes SK Hynix raising $26.5 billion through American depositary receipts. An Anthropic IPO anywhere near the SpaceX benchmark would close most of that gap on its own.
One detail sets the terms for anyone buying in. Anthropic is reportedly considering super-voting shares for chief executive Dario Amodei, who holds about 2% of the company, and his fellow co-founders. Public shareholders would get exposure to the growth and the losses alike, without a proportional say in how the company is run.