Anthropic Plans Mid-November IPO with Valuation Target of $2 Trillion

Anthropic, the company known for its Claude AI system, is reportedly targeting a mid-November initial public offering (IPO) with aspirations of achieving a valuation of approximately $2 trillion. This ambitious plan comes after the firm filed a confidential S-1 earlier this year, marking the beginning of its journey to go public.

The company is looking to kick off its formal marketing week on November 9, with the goal of starting trading before the Thanksgiving holiday on November 26. If successful, Anthropic could potentially raise over $100 billion from this offering, significantly surpassing the scale of SpaceX’s recent IPO.

Currently, Anthropic's private valuation stands at $965 billion following a $65 billion Series H funding round in May 2026. The leap to a $2 trillion valuation would require public market investors to nearly double the price paid by late-stage private investors within a short span of six months.

As of July 2026, Anthropic's annualized revenue run rate exceeded $65 billion, with projections suggesting it could reach between $100 to $110 billion by year-end. This marks a substantial increase from the previous year's revenue, which ranged between $4.6 billion and $10 billion. However, the company reported a net loss of $42 billion in 2025, primarily due to high compute and infrastructure costs.

Founded in 2021 by Dario and Daniela Amodei after their departure from OpenAI, Anthropic has rapidly emerged as a significant competitor in the AI space, backed by major tech firms like Amazon and Google. The company operates as a public benefit corporation, balancing its public mission of AI safety with shareholder returns.

As the IPO approaches, market participants will be closely monitoring the timeline, final valuation, path to profitability, and Anthropic's competitive positioning within the AI sector. A successful offering could set a new public benchmark for frontier AI companies, prompting potential regulatory discussions around AI development and deployment.