Anthropic is aiming for an IPO that would be the largest in history.
Anthropic anticipates that its IPO could match or surpass SpaceX’s record of raising $75 billion, with a public filing potentially happening as early as the end of this month. The company reported a net loss of nearly $42 billion in 2025, which is five times greater than the previous year's loss.
Anthropic aims for its market debut to rival or exceed the largest IPO to date. SpaceX raised $75 billion in June, and sources familiar with Anthropic’s preparations indicate that the company is aiming for a similar or larger figure.
A public filing might occur within a few weeks. Investor presentations led by CFO Krishna Rao have not addressed valuation, and the company could submit its filing by the end of this month.
The comparison to SpaceX goes beyond just the scale of the offering. Anthropic purchases computing capacity from SpaceX through an agreement valued at potentially tens of billions over three years, aligning its IPO with one of its suppliers.
The revenue growth supporting this ambition is tangible. Preliminary figures for the second quarter indicated revenues exceeding $11.5 billion, compared to $787 million during the same period last year, with an annualized run rate reaching $65 billion by the end of July.
The losses present a different story. Anthropic posted a net loss of nearly $42 billion in 2025, approximately five times the $8.3 billion loss recorded in 2024, although adjusted operating income was positive for the second quarter.
Investors are being asked to consider a forecast. TNW reported this week that a valuation nearing $2 trillion is based on internal estimates predicting revenues of $190 billion to $200 billion by 2028.
The banking partners are set. Morgan Stanley, Goldman Sachs, and JPMorgan are collaborating on the listing, and a revolving credit facility is expected to close above its $10 billion goal.
Anthropic is also gaining an edge in the competitive landscape. Both it and OpenAI have made confidential filings, with OpenAI targeting 2027 for its own IPO.
The previous funding rounds illustrate this trend. Anthropic raised $65 billion in May at a $965 billion valuation, surpassing OpenAI, which had raised $122 billion in March at an $852 billion valuation.
A listing of this magnitude would redefine the year. U.S. IPOs have accumulated $160.6 billion through August 19, falling short of the record $195.2 billion achieved in 2021, a year that has already seen SK Hynix raising $26.5 billion via American depositary receipts.
Potential buyers, however, would not have a say in decisions. Anthropic is considering issuing super-voting shares for Dario Amodei, who owns about 2% of the company, along with his co-founders.
Published August 20, 2026 - 6:34 pm UTC
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Anthropic is aiming for an IPO that would be the largest in history.
Anthropic anticipates either matching or surpassing SpaceX's $75 billion IPO, which is the largest to date. In 2025, it incurred losses of nearly $42 billion, five times greater than the loss from the previous year.