- Anthropic is preparing for a potential blockbuster IPO that could value the Claude maker above $2 trillion, putting the artificial intelligence company within range of SpaceX's record public-market debut.
Anthropic's potential initial public offering is shaping up as one of the largest listings ever, with Reuters reporting that the company could seek a valuation above $2 trillion based on financial information contained in its IPO prospectus. The prospectus was reviewed by Reuters and has not yet been publicly filed with the Securities and Exchange Commission.
That valuation would put Anthropic above the roughly $1.77 trillion valuation assigned to SpaceX when the company priced its June IPO at $135 a share. SpaceX raised $75 billion in the offering, making it the largest US IPO on record by proceeds at the time.
A $2 trillion valuation would therefore represent a significant increase over SpaceX's IPO valuation, although Anthropic has not disclosed a final share price, offering size, or valuation for the proposed listing.
The potential offering is also arriving after an extraordinary increase in Anthropic's private-market value. In May, Anthropic announced a $65 billion funding round at a $965 billion post-money valuation, according to the company's Series H announcement. Anthropic said its annualized revenue had already surpassed $47 billion at the time.
Reuters later reported that the company's annual revenue run rate exceeded $65 billion by the end of July. The company is also projecting roughly $190 billion to $200 billion of revenue in 2028, according to people familiar with its finances cited by Reuters.
Anthropic's $2 Trillion IPO Case Rests on Rapid Revenue Growth
The biggest difference between Anthropic and many conventional IPO candidates is the pace at which its revenue has expanded. According to the prospectus reviewed by Reuters, Anthropic generated $4.59 billion of revenue in 2025, up roughly 12 times from the previous year. The company nevertheless recorded an operating loss of about $8.06 billion.
Anthropic's reported net loss was substantially larger at roughly $41.97 billion, although Reuters noted that a significant portion reflected an accounting charge tied to the revaluation of financing instruments that could convert into equity.
The company's spending requirements are another central part of the IPO story. Anthropic spent about $7.33 billion on computing and infrastructure in 2025 and expects approximately $518 billion in future cloud, computing and infrastructure obligations, according to the prospectus.
Those commitments highlight the capital intensity of building frontier AI systems. They also give public-market investors a financial framework for assessing whether the company's projected revenue expansion can support the scale of investment required to operate increasingly capable models.
Anthropic's rapid growth has already made it one of the largest privately held AI companies. Its progression from a near-$1 trillion private valuation in May to a potential $2 trillion IPO valuation would represent another major step in less than six months.
The company's relationship with major technology and infrastructure providers is also relevant. Anthropic said in May that Claude was available across Amazon Web Services, Google Cloud and Microsoft Azure, while AWS remained its primary cloud provider and training partner. Anthropic has also disclosed agreements involving Amazon, Google and other infrastructure suppliers.
SpaceX Set the IPO Benchmark Anthropic Would Need to Exceed
SpaceX's June offering established the current benchmark for the size of a US IPO. The company priced 555.56 million shares at $135 each, generating $75 billion in proceeds and producing a valuation of approximately $1.77 trillion. Reuters described it as the largest-ever US initial public offering.
Anthropic would need a valuation above that level to surpass SpaceX on valuation at the time of an IPO. A $2 trillion valuation would be about 13% above SpaceX's $1.77 trillion IPO valuation.
That comparison should not be confused with post-IPO market capitalization. SpaceX's share price moved substantially after its debut, meaning its market value subsequently traded above the valuation established at IPO pricing.
Anthropic's eventual public valuation will depend on factors that have not yet been finalized, including the number of shares offered, the IPO price and investor demand during the marketing process. The timing has also shifted. Reuters reported earlier in September that Anthropic's IPO was expected around mid-October, while more recent reporting has pointed to a possible November listing.
The available figures show why the offering could attract attention: revenue is expanding rapidly, but losses, infrastructure spending, and long-term capital commitments are also enormous. Whether Anthropic ultimately prices above SpaceX's IPO valuation will not be known until the company sets the terms of its offering.