Anthropic targets November IPO at $1.8 trillion to $2 trillion valuation

Anthropic PBC, the artificial intelligence company behind the Claude chatbot, is reportedly seeking to launch its initial public offering as early as mid-November at a valuation of between $1.8 trillion and $2 trillion.

Bloomberg reported the development, citing people familiar with the matter who asked not to be identified because the discussions are private.

The potential listing comes after Anthropic shifted its earlier IPO timetable and as the company faces renewed competition from OpenAI, with both leading US artificial intelligence companies positioning themselves for eventual public-market listings.

Anthropic targets November IPO

Anthropic could begin formally marketing its IPO during the week of November 9, potentially allowing the company to start trading before the Thanksgiving holiday on November 26.

• The timing is significant because capital-market activity typically slows around the holiday period, meaning an offering launched in early November could give the company enough time to complete the process before the seasonal slowdown.
• Anthropic is still expected to complete its stock-market debut before the end of the year, according to people familiar with the discussions.
• The company had previously been preparing to publicly file for an IPO after the summer before its timetable was pushed back.
• Discussions over the listing remain ongoing, meaning the proposed launch date could still change.
• Prospective investors are reportedly considering a valuation of between $1.8 trillion and $2 trillion, while Anthropic expects its IPO could equal or exceed the size of SpaceX’s planned offering.

The company would also be entering a difficult market for new listings, where several planned IPOs have recently been delayed or postponed amid weaker investor demand and uneven post-listing performance.

Anthropic had begun IPO process

Nairametrics reported on June 1 that Anthropic had submitted paperwork to the US Securities and Exchange Commission for an IPO, making it the first major generative AI company to formally begin the process of seeking a public listing.

• At the time, the number of shares to be sold and the proposed offer price had not been determined, while the announcement was made under Rule 135 of the US Securities Act and did not constitute an offer to sell or a solicitation to purchase securities.
• The filing came shortly after Anthropic reportedly raised $65 billion in fresh funding at a valuation of $965 billion, above OpenAI’s last reported valuation of $852 billion in March 2026.
• Anthropic generated about $4.6 billion in revenue in 2025, a sharp increase from roughly $386 million a year earlier.
• Its operating loss exceeded $8 billion, while its net loss rose to nearly $42 billion from about $8.3 billion in 2024.

More than $34 billion of the annual net loss was linked to changes in the fair value of Anthropic’s liabilities, according to documents previously reported by Bloomberg.

OpenAI, Anthropic IPO race

Anthropic’s proposed listing is unfolding against an increasingly intense rivalry with OpenAI, as the two leading US generative AI companies compete for revenue growth, investors and leadership in the rapidly expanding artificial intelligence market.

• Nairametrics reported on June 9 that OpenAI, the company behind ChatGPT, had confidentially filed for an IPO, indicating that it was also preparing for a possible move into the public markets.
• OpenAI has recently gained sales momentum, increasing competitive pressure on Anthropic after a period in which Anthropic had been advancing strongly.
• Both companies are facing increased scrutiny over AI safety following high-profile hacking incidents involving rogue AI agents, raising questions about the risks associated with increasingly capable systems.
• The wider IPO market has also weakened, with Oura among companies postponing listings. For Perplexity, the AI firm said it intends to go public in 2028 irrespective of the market’s reaction to the expected IPOs of Anthropic and OpenAI.

Anthropic proceeding with its listing would therefore place the Claude developer at the centre of both the US artificial intelligence rivalry and a challenging market for companies seeking major public offerings.