Anthropic is now targeting November for its IPO. |
The valuation talk has more than doubled to about $2 trillion. And the raise could hit $100 billion. That would break the records SpaceX set just three months ago. |
Go here to claim your Anthropic Pre-IPO shares. |
Company: Anthropic (private)
Exchange: Nasdaq
Target raise: Up to $100 billion
Valuation: About $2 trillion
IPO date: November |
The Wall Street Journal reports that the Anthropic IPO timeframe is November, citing people familiar with the plans. Anthropic hasn't confirmed a date. |
The reasoning is straightforward. Anthropic's third quarter ends September 30. A November listing lets the company show investors a full set of Q3 numbers during the roadshow. |
Those numbers should be strong. |
Anthropic's annualized revenue is now pacing above $100 billion. That represents real growth from the $71 billion estimate we shared recently. At the end of 2025 it was about $9 billion. |
Existing investors are expecting the revenue run rate to exceed $110 billion by year-end. |
Second-quarter revenue came in around $11.5 billion. That's ahead of the $10.9 billion projection we shared in July, and it works out to a $46 billion annual pace. |
That growth is what's pushing the valuation higher. |
When Anthropic filed confidentially in June, it had just raised $65 billion at a $965 billion valuation. Bankers expected an IPO raise of more than $60 billion. |
Both numbers have moved higher since then. |
The valuation being discussed has roughly doubled to $2 trillion. And the amount of the capital raise has grown to as much as $100 billion. |
Here’s how to invest – before the IPO. |
For comparison, SpaceX went public in June at a $1.8 trillion valuation. That was the biggest IPO in history. Anthropic appears likely to raise more capital at a higher valuation. |
That's the bull case. Here's the other side. |
At $2 trillion, investors would pay roughly 18 times the revenue pace expected by year-end. That's a rich price for a company that still spends heavily on chips and data centers. |
Competition is heating up. OpenAI launched its newest model, Astra, this month. It has reportedly won back some enterprise customers. OpenAI is also in early talks to raise money at a valuation above $1.2 trillion. Some Anthropic investors worry a big OpenAI round could pull demand away from the IPO. |
Additionally, CEO Dario Amodei recently called on the industry to slow AI development. Investors will ask what that means for Anthropic's product pipeline. The company's advisers argue that its existing models are already generating a huge and growing stream of revenues. |
Anthropic plans to meet with prospective investors in the coming days. The next milestone is the public S-1. It will show audited financials and a price range for the first time. |
Don’t wait for the prospectus to go live. Because right now, you can secure your shares at a big discount to the expected IPO price. |
Simply go here to get instructions. |
Ian Wyatt
Editor, IPO Watch |
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