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Anthropic reportedly targets November IPO at a ~$2 trillion valuation
Is Anthropic going public? Yes — and at a scale that would dwarf every IPO in history. The maker of Claude plans to launch its initial public offering in November, pushed back from an October target, at a valuation of about $2 trillion and raising up to $100 billion, the Wall Street Journal reported on Friday, citing unnamed sources. The extra time lets the company present its third-quarter financials to prospective investors before pricing what would be one of the largest public offerings ever — surpassing the records SpaceX set in June.
The numbers behind the listing are staggering. Bloomberg reported, citing the New York Times, that Anthropic’s revenue run rate surged from $9 billion at the end of 2025 to $65 billion at the end of July — a pace that bolsters the IPO case even as public concern about AI safety rises. Anthropic had confidentially filed for an IPO back on June 1, saying timing would depend on market conditions; the date could still change, and the company declined comment. Meanwhile, OpenAI CEO Sam Altman told Fortune on September 11 that OpenAI will not go public in 2026: given everything happening with safety, he said, “right now would be an ill-advised moment to go public.”
The Financial Times added a sobering detail about the race’s economics: OpenAI expects negative free cash of $278 billion from 2026 to 2030, per a recent company presentation, spending $856 billion on computing power and infrastructure alone — even as revenue rockets from $35 billion in 2026 to $350 billion in 2030. OpenAI holds $122 billion in funds and is reportedly in talks for another capital-raising round valuing it at $1.2 trillion. Note the timing: the Journal says Anthropic’s November shift was decided before CEO Dario Amodei’s September 12 call for the industry to slow frontier development.
Why it matters
A $2 trillion listing would price the entire frontier-AI race for everyone: revenue is compounding at unprecedented speed, but so are the compute bills funding it. If Anthropic goes public while its CEO is calling for slower development, its safety commitments and governance become public-company commitments — watched quarter by quarter by shareholders.
Sources
- PYMNTS — Anthropic Targets November IPO as Revenue Surges
- Investor’s Business Daily — Anthropic Reportedly Delays IPO; OpenAI Expects Massive Cash Burn
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