Key Takeaways
- Anthropic is preparing for a potential IPO by August.
- The company could target at least US$75 billion in IPO proceeds.
- Anthropic reported preliminary Q2 revenue above US$11.5 billion.
Anthropic PBC is preparing for a potential public listing — the Anthropic IPO — that could match or exceed the US$75 billion raised by SpaceX in its initial public offering. The Claude developer is expected to make a public filing at the end of August, while discussions over the IPO size and other details remain ongoing.
Anthropic prepares for potential record IPO
Anthropic has been working on preparations for its potential market debut, with anticipation building around the IPO as demand for its artificial intelligence products continues to increase. Recent Anthropic IPO plans have been shaped by investor briefings led by Chief Financial Officer Krishna Rao, which have focused on the company’s financial position, although a specific valuation has not been disclosed.
SpaceX raised US$75 billion in its initial offering, making it the largest first-time share sale on record. The amount later increased to US$86.2 billion after the overallotment option was exercised.
Anthropic has recorded rapid growth in revenue during the past year, ahead of a possible IPO. The company reported preliminary second-quarter revenue of more than US$11.5 billion, compared with US$787 million in the same period of 2025. Its revenue run rate reached US$65 billion by the end of July.
The company also raised US$65 billion in May at a valuation of US$965 billion. That valuation was higher than OpenAI’s US$852 billion valuation following its US$122 billion funding round in March.
Despite its revenue growth, Anthropic has faced significant costs related to artificial intelligence development. The company reported a net loss of almost US$42 billion in 2025, compared with about US$8.3 billion in the previous year.
AI spending adds pressure on anthropic
Building advanced artificial intelligence systems requires substantial computing capacity. Anthropic has entered agreements for access to data centre resources, including an arrangement with SpaceX that could be worth tens of billions of dollars over 3 years.
The company also expects to finalise a revolving credit facility exceeding its earlier target of about US$10 billion. The additional financing would give Anthropic more financial resources as it continues investing in computing infrastructure and artificial intelligence development.
The Anthropic IPO is currently being prepared to reach public markets ahead of OpenAI, which is considering a listing in 2027. Both companies have filed confidential documents related to their potential listings.
The possible IPO comes during a strong year for US listings. Companies listed in the US have raised US$160.6 billion through August 19, compared with the 2021 record of US$195.2 billion.
A first-time offering of US$75 billion or more from Anthropic would significantly increase total IPO proceeds for 2026. It would also add another major technology listing to a year that has already seen several large offerings.
South Korean chipmaker SK Hynix raised US$26.5 billion through its first sale of American depositary receipts, adding to the year’s major listings.
For Indian entrepreneurs and business owners, Anthropic’s potential listing offers a clear measure of how quickly artificial intelligence companies can scale revenue and capital requirements. The company’s figures also show the gap between rapid revenue growth and the high cost of developing advanced computing systems.
The final size, valuation, and timing of the Anthropic IPO remain subject to change. The company’s public filing will provide further details when it moves ahead with the proposed listing, according to reports.
