Anthropic / Wikimedia Commons (Public domain)
Anthropic targets November IPO as investors weigh $2 trillion valuation
Marketing could begin the week of November 9, with trading targeted before Thanksgiving, according to Bloomberg.
Anthropic is seeking to go public as soon as mid-November, Bloomberg reported, citing people familiar with the matter. The Claude developer could begin formal IPO marketing during the week of November 9 and start trading before Thanksgiving on November 26.
The company is still expected to list by the end of 2026, although deliberations are ongoing and the schedule could change, the people said. Anthropic previously planned to publicly file for an IPO after the summer.
Some prospective investors consider a valuation of $1.8 trillion to $2 trillion fair, according to Bloomberg’s sources. The company expects its offering to match or exceed the size of SpaceX’s IPO, Bloomberg previously reported.
Anthropic plans to meet prospective investors at its San Francisco headquarters on October 14 as part of its preparations, people familiar with the matter said.
The planned listing comes amid renewed competition from OpenAI and scrutiny of AI safety following high-profile hacking incidents involving rogue agents.
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Anthropic CEO Dario Amodei has argued in an essay that the pace of advances in new AI models should slow. OpenAI has postponed its IPO plans, with CEO Sam Altman arguing that going public now would be ill-advised.
Anthropic recorded a net loss of almost $42 billion in 2025, compared with about $8.3 billion in 2024, according to documents previously reviewed by Bloomberg. Revenue rose to roughly $4.6 billion from $386 million, while its operating loss exceeded $8 billion.
A change in the fair value of Anthropic’s liabilities accounted for more than $34 billion of its annual losses, the documents showed. An Anthropic representative did not immediately respond to Bloomberg’s request for comment.
The broader IPO market has faced delays. Oura postponed its debut hours before its planned share sale after some prospective buyers objected to a fully diluted valuation target of about $15 billion.
Excluding SpaceX and SK Hynix, more than 100 newly listed stocks had a weighted-average loss of 4% this year, Bloomberg data showed. That compared with gains of 12% for the S&P 500 and 20% for the Nasdaq 100.