Anthropic IPO: Anthropic is considering an initial public offering that could value the artificial intelligence company at around $2 trillion, setting up a possible challenge to the record established by SpaceX earlier this year.
Bankers working with Anthropic have told potential investors that the company could seek to raise more than $100 billion through the IPO, according to The New York Times, which cited two unnamed people familiar with the discussions.
The size of the potential valuation is particularly striking when measured against Anthropic’s most recent funding round. The company was valued at $965 billion in June. A $2 trillion public-market valuation would therefore represent more than twice that figure.
It would also place Anthropic among a small group of companies to have crossed the $2 trillion valuation mark, alongside Apple, Microsoft and Nvidia.
SpaceX sets the benchmark
The immediate comparison is SpaceX.
Elon Musk’s space company went public in June at a valuation of $1.77 trillion and raised $85.7 billion through its initial public offering. The deal was the largest IPO in history.
Anthropic expects its own offering to match or exceed the size of the SpaceX transaction, Bloomberg reported.
If those ambitions are realised, the AI company would not only surpass the SpaceX benchmark but could establish a new record for a market debut.
The final size and valuation of the offering, however, have not been confirmed. Anthropic declined AFP’s request for comment.
Public listing could come as soon as autumn
Anthropic filed to go public in June and could disclose its public offering prospectus in the coming weeks, according to The New York Times. Its shares could potentially begin trading in the autumn.
That timeline would also put Anthropic ahead of OpenAI in the race to reach public markets. OpenAI, the company behind ChatGPT, is hoping to list its shares in 2027.
Anthropic was founded in 2021 by siblings Dario and Daniela Amodei along with other former OpenAI executives. The company, which develops the Claude family of AI models, has built its position in the industry around an emphasis on AI safety.
One of its most prominent products is Claude Code, a coding assistant aimed at developers. Its growing popularity has helped push Anthropic’s projected annual revenue to $47 billion.
That commercial growth has also brought infrastructure pressure. The company has faced difficulties securing enough computing capacity as demand runs up against shortages of chips and servers.
Political tensions add another layer of risk
The scale of Anthropic’s potential IPO is not the only issue investors may be weighing.
The company has had a difficult relationship with the administration of US President Donald Trump. In March, the government ended its contracts with Anthropic and designated the company a supply chain risk after Anthropic refused to provide the military with unfettered access to its AI models.
Anthropic described the Defense Department’s action as unconstitutional retaliation.
The dispute introduces a political complication at a time when the company is considering what could become a record-setting public offering.
For investors, the numbers are already unusually large. A company valued at $965 billion in June is now being discussed at a potential $2 trillion valuation, while bankers are reportedly considering an offering of more than $100 billion.
Whether those figures survive the transition from private discussions to an actual prospectus will determine if Anthropic merely joins the next wave of major technology listings or rewrites the IPO record itself.
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