Anthropic, the developer of the Claude chatbot, is reportedly preparing for a public offering that could start its formal sales campaign on November 9, according to Bloomberg. The company is targeting a valuation in the $1.8–2 trillion range, and trading of its shares could begin before the U.S. Thanksgiving holiday on November 26; Anthropic says it expects to be public by the end of the year at the latest, though the timetable could change.
Financials: strong revenue growth, large losses
Anthropic's financial picture is mixed. Revenue in the 2025 fiscal year approached $4.6 billion, up sharply from $386 million in 2024. At the same time net loss widened dramatically, from $8.3 billion in 2024 to nearly $42 billion in 2025. Operating loss exceeded $8 billion. More than $34 billion of the net loss was attributable to changes in the fair value of liabilities.
Market context and risks
The IPO comes into a weak broader market for new listings: excluding record-sized offerings from SpaceX and SK Hynix, this year's more than 100 IPOs have produced a weighted average return of minus 4 percent, while the S&P 500 and the Nasdaq 100 have risen about 12 percent and 20 percent, respectively, in the same period. Several companies, including Oura, postponed initial offerings at the last minute.
Regulatory and investor concerns have intensified following a number of AI-related safety incidents. Meanwhile OpenAI has reported significant revenue growth but, at the recommendation of CEO Sam Altman, has delayed its own IPO.
Anthropic CEO Dario Amodei has written on his personal blog arguing that the pace of developing new AI models should be slowed, a stance that factors into discussions about safety and strategy across the sector.
Investor expectations and offering size
Despite the challenging backdrop, Anthropic's investors remain optimistic. The company expects the offering could reach or even exceed the size of SpaceX's market debut. Final details on the amount to be raised and the offering terms have not been disclosed.
This article is not investment advice. An AI assistant contributed to the preparation of this piece; the final content was edited and reviewed by a journalist.
