Summary
Anthropic expects to match or beat SpaceX's record-setting IPO (which raised $75B, or $86.2B with overallotment), according to people familiar with the matter. The Claude developer could file publicly as soon as end of August, with bankers reportedly floating a raise of more than $100 billion at a valuation around $2 trillion. The IPO follows explosive growth: Q2 preliminary revenue of $11.5B+ (up ~14x YoY) and an annualized run-rate of $65 billion by end of July, projected to reach $190-200B by 2028. It also sets up a head-to-head race with OpenAI and would make 2026 the best year on record for US IPO volume.
Key Points
- Anthropic PBC expects to match or beat SpaceX's record IPO size
- Could publicly file S-1 as soon as end of August 2026; confidentially filed draft June 1
- Reportedly targeting a $100B+ raise at a ~$2 trillion valuation
- Q2 2026 preliminary revenue $11.5B (vs $787M year earlier); run-rate $65B by end-July
- Revenue projections: $190-200B by 2028; expects first adjusted operating profit this year
- Raised $65B in May at $965B valuation; >$125B total private capital
- Net loss ~$42B in 2025 (up from $8.3B in 2024)
- Banks: Morgan Stanley, Goldman Sachs, JPMorgan; adding Citigroup
- Finalizing revolving credit facility above ~$10B target
- Considering super-voting shares for CEO Dario Amodei (~2%) and co-founders
- OpenAI targeting ~$1T valuation, could list 2027
- 2026 US IPO volume ~$160.6B through Aug 19 (2021 high: $195.2B)
- Risk factors: data-center/energy backlash, earlier US export controls, competition from China/open-source
- Polymarket: ~44% chance Anthropic delivers the largest 2026 IPO
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