Summary

Anthropic PBC expects to match or beat the size of SpaceX's record-setting initial public offering, according to people familiar with the matter, as preparations for the AI firm's debut accelerate. The Claude developer is running the numbers as it prepares to file publicly for its potential mega-IPO as soon as the end of this month. Recent investor briefings led by CFO Krishna Rao skirted the question of valuation, but The New York Times reports Anthropic could aim to raise more than $100 billion in an offering valued around $2 trillion — which would eclipse SpaceX's $86.2 billion haul and set a new record for capital raised in a single debut.

Key Facts

• Anthropic expects to match or beat SpaceX's record IPO size (~$75B at outset, $86.2B with overallotment)
• Could file publicly (S-1) as soon as end of August 2026; confidentially filed draft S-1 June 1
• Bankers reportedly floating a raise of $100B+ at a ~$2 trillion valuation
• Q2 2026 preliminary revenue more than $11.5B, up ~14x from $787M year earlier
• Annualized run-rate revenue hit $65 billion by end of July (from ~$9B end-2025), projected $190-200B by 2028
• Raised $65B in May at a $965B valuation; OpenAI valued at $852B in March ($122B raise)
• Net loss ~$42B in 2025 (up from ~$8.3B in 2024); positive adjusted operating income in Q2 2026
• Working with Morgan Stanley, Goldman Sachs, JPMorgan; adding Citigroup to top ranks
• Finalizing a revolving credit facility above ~$10B target
• Considering super-voting shares for CEO Dario Amodei (~2% stake) and co-founders
• Backed by Amazon (convertible notes) among others; >$125B in total private capital
• SpaceX launched June IPO raising $75B ($86.2B with overallotment); SK Hynix raised $26.5B in its US ADR listing this year
• 2026 US IPO volume already ~$160.6B through Aug 19; a SpaceX-beating listing would make 2026 the best year on record
• OpenAI targets ~$1T valuation, could list as early as September 2027
• Risk factors include data-center/energy backlash, export controls, political scrutiny
• Polymarket bettors give Anthropic ~44% chance of the largest 2026 IPO

Why It Matters

Anthropic's potential record-breaking IPO is the clearest signal yet that the AI buildout has entered the public-capital era, with trillion-dollar expectations being stress-tested by public-market math. A $100B+ raise would transform 2026 into the best year on record for US IPOs and reset the bar for how much private capital big tech can convert into public equity. It also intensifies the head-to-head with OpenAI and the broader AI-valuation stakes that are reshaping institutional investing and the fintech/capital-markets landscape.

Sources

• https://finance.yahoo.com/technology/ai/articles/anthropic-expects-match-spacex-record-175602035.html
• https://www.webpronews.com/anthropic-races-toward-record-ipo-as-ai-valuations-hit-uncharted-territory/
• https://www.afr.com/markets/equity-markets/anthropic-expects-to-at-least-match-spacex-s-record-ipo-20260821-p60q8k
• https://news.bloomberglaw.com/tech-and-telecom-law/anthropic-set-to-add-citigroup-to-top-ipo-banks-on-mega-listing