Anthropic eyes mid-November IPO at up to $2tr valuation

Anthropic is pursuing an initial public offering as early as mid-November, according to reports.

Bloomberg reported Thursday (local time), citing sources, that Anthropic is working toward an IPO as soon as next month at a valuation of up to $2 trillion — what would be the largest IPO in history.

According to the sources, Anthropic plans to begin formal IPO marketing — a roadshow — during the week of Nov. 9 and is expected to start trading before Thanksgiving on Nov. 26. The timeline could change, but the company is considering listing by year-end at the latest.

Anthropic's valuation is estimated at between $1.8 trillion and $2 trillion. That would surpass SpaceX, which set the previous record for the largest IPO by raising $75 billion in June.

Anthropic is scheduled to meet with potential investors at its San Francisco headquarters on Oct. 14 ahead of the IPO. The planned next-month listing represents a delay from an original plan to go public this month, but it stands out as a bold move amid growing calls for a slowdown in AI development. Rival OpenAI said it would push back its own listing by at least a year as concerns over AI risks mount. OpenAI is instead pursuing a $30 billion fundraising round.

Meanwhile, documents obtained by Bloomberg show Anthropic's sales last year reached approximately $4.6 billion, roughly 12 times the $386 million recorded the previous year. However, as the company continued to pour investment into expanding its AI development capabilities, its operating loss exceeded $8 billion. Net loss came to approximately $42 billion (57.1 trillion won), about five times the prior year's figure. Of that total, more than $34 billion stemmed from changes in the fair value of debt and did not represent actual cash outflows.