Anthropic, the company behind the Claude artificial intelligence model, is reportedly preparing to move up its initial public offering timetable. According to Bloomberg, the firm plans to begin its IPO roadshow in the week of November 9, with the aim of starting public trading before the U.S. Thanksgiving holiday on November 26.
The company intends to complete its listing no later than the end of the year.
Valuation and recent financial figures
Potential investors currently value Anthropic at roughly $1.8–2 trillion, a marked increase from the company’s May valuation of $965 billion. For 2025 Anthropic reported revenue of nearly $4.6 billion, a twelvefold increase compared with the prior period.
At the same time, the company reported a net loss of nearly $42 billion. Anthropic notes that about $34 billion of that loss arose from accounting revaluations related to financing rather than direct cash outflows from operating activity.
Earlier Bloomberg reporting also indicated that by the end of July the company’s annualized revenue run rate had exceeded $65 billion, despite the reported 2025 revenue figure of roughly $4.6 billion.
Costs, losses and future commitments
Anthropic’s growth requires substantial capital. In 2025 the company recorded more than $8 billion in operating losses and spent $7.33 billion on compute capacity and infrastructure. The firm says it has committed to approximately $518 billion in cloud, compute and infrastructure obligations for coming years.
Why this IPO matters
Anthropic’s public debut will be a significant test for the broader AI investment boom. Investors must decide whether the rapid growth around Claude and the long-term potential of AI justify a valuation approaching $2 trillion, while the company currently posts large losses and faces extensive future investment needs.
The IPO draws additional attention because OpenAI has delayed its own plans to go public, leaving Anthropic’s listing as one of the most closely watched AI-related market events.
What comes next
If Anthropic proceeds with a roadshow beginning the week of November 9 as reported, trading could commence prior to November 26. The company aims to be listed by the end of the year. The outcome will depend largely on investor appetite for financing the company’s continued expansion and the perceived path to profitability.
