Anthropic targets November IPO at potential $2 trillion valuation

Anthropic has moved its planned initial public offering to November as investors discuss a deal that could value the Claude developer at roughly $2 trillion and raise up to $100 billion.

Anthropic IPO could become one of the largest listings

The Wall Street Journal reported the delay, saying Anthropic now expects to pursue its IPO in November rather than the October window discussed earlier.

People familiar with the preparations told the newspaper that the extra time would allow Anthropic to present third-quarter financial results to prospective investors. The company is expected to begin sharing more detailed financial information in the coming weeks, although the final timetable will depend on market conditions and investor demand.

Under the figures being discussed, Anthropic could seek a valuation of about $2 trillion and raise up to $100 billion. A transaction of that size would rank among the largest public offerings on record, but the valuation, share count and final proceeds remain subject to change.

Investor meetings are expected to test demand before Anthropic settles the terms of the proposed sale. As part of that process, prospective shareholders are likely to examine the company’s revenue growth, computing costs, customer concentration and spending required to train and operate advanced AI models.

Reuters separately reported on Friday that Anthropic could move the offering until after the U.S. midterm elections in November. Two people familiar with the matter told Reuters that the election was not expected to have a major effect on the listing, leaving the exact timing open.

No public registration statement has been identified for the proposed offering. Until Anthropic files offering documents, details such as the exchange, ticker, underwriting banks, and number of shares will remain unconfirmed.

Revenue growth supports Anthropic’s proposed valuation

Annualized revenue at Anthropic exceeded $65 billion by the end of July, up from about $9 billion at the end of 2025, according to Reuters. The figure measures the revenue pace at a particular point rather than revenue already collected over a full year.

Investors cited by The Wall Street Journal expect the annualized total to rise above $110 billion by the end of 2026. Claude subscriptions, application programming interface access and business contracts account for much of the company’s sales.

Corporate demand will be central to the valuation case presented to public-market investors. Anthropic earns most of its revenue from organizations using Claude and related tools for software development, research, customer support and other business tasks.

Competition remains a material part of that case. Reuters reported that Anthropic was considering releasing another AI model as OpenAI’s GPT-6 Astra gained traction among business customers. Data tracked by Ramp placed Astra at about 13% of enterprise AI spending, compared with 8% for Claude Fable, according to the report.

Anthropic’s annualized revenue run rate still exceeded OpenAI’s reported $40 billion rate in July. Reuters also said Anthropic had projected revenue of roughly $190 billion to $200 billion for 2028, though long-range internal forecasts can change with product demand, pricing and computing expenses.

Serving that demand requires large additions to Anthropic’s infrastructure. Investors cited by The Wall Street Journal expect the company to have access to about five gigawatts of computing capacity by the end of 2026, followed by close to twice that amount at the end of 2027.

Such expansion could increase the amount of capital needed for data centers, chips and electricity. Public filings would give investors more information about those commitments, including how Anthropic funds them and whether cloud providers account for a large part of its costs or revenue.

AI safety debate complicates the IPO case

Chief executive Dario Amodei has continued to call for tighter controls on advanced AI even as Anthropic prepares to sell shares to public investors.

Amodei has asked AI developers to slow the release of increasingly capable systems while governments and companies strengthen safety measures, Reuters reported. His position creates a question for prospective shareholders because slower model releases could affect the speed of commercial growth while reducing the risks linked to deploying systems without adequate testing.

Anthropic and Accenture also announced a commitment of at least $2 billion over five years to support independent evaluation of frontier models, according to a Reuters report. Faculty, Accenture’s AI unit, will conduct evaluations, red-team testing and safety alignment work under the arrangement.

The program calls for independent evaluators to work closely with AI developers so they can study systems with access similar to company employees. Anthropic has described such access as necessary for identifying risks and weaknesses that outside reviewers may otherwise miss.

Safety policies could become financially relevant if Anthropic enters the public market. Investors would need to assess whether limits on model releases affect sales, while the company would have to explain material operational, competitive and regulatory risks in its securities disclosures.

U.S. investors would gain access to Anthropic disclosures

For U.S. investors, a domestic public offering would provide access to financial and governance information that Anthropic does not have to release as a private company.

An issuer pursuing a U.S. listing typically files a registration statement with the Securities and Exchange Commission. The filing gives investors information about the company’s business, audited financial statements, risks, management, major shareholders and intended use of proceeds before shares begin trading.

Circle CEO Jeremy Allaire supported an Anthropic listing, arguing that public markets require audited accounts, regular reporting, independent board oversight and stronger accountability.

Drawing on Circle’s transition into a listed company, Allaire said public-market structures allowed institutions and business partners to assess the stablecoin issuer through familiar financial and governance standards. Circle completed its New York Stock Exchange debut in June 2025 under the CRCL ticker after raising approximately $1.05 billion in an upsized offering.

Allaire also said disclosure rules should not replace government regulation of advanced AI. In his view, securities reporting and AI-specific rules serve separate purposes, as model capabilities, safety procedures, computing commitments and corporate governance attract more public attention.

Anthropic would remain subject to any applicable AI, privacy, cybersecurity, and competition rules regardless of whether it completes the offering. A listing would add securities-law obligations, including periodic financial reports and disclosure of material risks to shareholders.