Bloomberg reports that Anthropic, the developer behind the Claude AI models, may file IPO paperwork by the end of this month as its management finalizes deal details. The planned primary share offering could match or even exceed the size of the record SpaceX debut.
SpaceX’s primary offering originally raised $75 billion and grew to $86.2 billion after the exercise of an overallotment option, setting the record for the largest IPO. If Anthropic’s listing reaches comparable volume, it could make 2026 the strongest year for U.S. IPOs on record: as of August 19, newly public companies had raised $160.6 billion, approaching the all‑time high of $195.2 billion set in 2021.
Financial performance and growth
Anthropic was founded five years ago. In May the company completed a $65 billion capital raise that valued the business at $965 billion, surpassing OpenAI’s $852 billion valuation announced in March. Revenue has grown rapidly: preliminary second‑quarter figures show revenue above $11.5 billion versus $787 million a year earlier, and annualized revenue reached $65 billion by the end of July.
However, expenses have also surged. Anthropic reported a nearly $42 billion net loss in 2025, roughly five times the $8.3 billion loss a year earlier. The large losses are largely attributable to the very high costs of training state‑of‑the‑art AI models.
Infrastructure deals and financing
To support its operations, Anthropic has signed large data‑center capacity agreements. For example, the company entered a multi‑year capacity lease with SpaceX that could be worth multiple tens of billions of dollars over three years. Ahead of the IPO, Anthropic is also working to finalize a revolving credit facility exceeding $10 billion.
Morgan Stanley, Goldman Sachs and JPMorgan Chase are advising on the transaction. The company is also considering issuing dual‑class shares with enhanced voting rights, which would allow CEO Dario Amodei — who owns roughly a 2 percent stake — and the co‑founders to retain guiding control of the company.
Market implications
Anthropic’s IPO plans highlight how artificial intelligence is reshaping the technology investment landscape. The reported timing and potential size of the offering signal strong institutional investor appetite for AI companies. Anthropic is expected to list before OpenAI, which currently plans a 2027 public debut.
This article does not constitute investment advice or a recommendation. An AI assistant helped prepare this piece; the final content was edited and verified by our journalist.
Cover image: illustration (Getty Images).
