Andrey Rudakov/Bloomberg
Anthropic is pushing to complete its long-anticipated public listing before Thanksgiving, according to people familiar with the matter, targeting formal investor marketing as early as the week of November 9 to get the offering priced and trading before the November 26 holiday.
The AI company behind the Claude chatbot is reportedly seeking a valuation of around $2 trillion, double an earlier $1 trillion target floated earlier this year, with plans to raise as much as $100 billion in the offering. At that size, the listing would surpass SpaceX’s own record-breaking IPO earlier this year, making Anthropic’s debut the largest in history if it holds.
The scale of the ambition is backed by rapidly growing revenue. Anthropic’s annualized revenue reportedly topped $65 billion in July and could exceed $110 billion by year-end, growth that has helped justify the jump in valuation targets even as the company has yet to turn a profit at that scale.
Morgan Stanley, Goldman Sachs and JPMorgan are the lead underwriters working on the offering, according to reports. Anthropic confidentially filed its draft S-1 registration with the SEC back on June 1, kicking off a process that has since grown into one of the largest IPOs ever contemplated.
None of the terms are finalized, and people familiar with the matter caution that timing could still slip, as it has before: Anthropic had originally been expected to list earlier in the year before pushing the target back. If the November window holds this time, Anthropic would join a wave of AI-era IPOs reshaping public markets in 2026, alongside SpaceX and OpenAI, as investors get a long-awaited chance to buy into one of the companies at the center of the AI boom.
