Anthropic IPO set for late September at a near-$2T implied valuation
An IPO at a near-$2 trillion valuation would rank among the largest on record. The revenue trajectory and Meta's projected spend provide concrete signals of Anthropic's commercial scale heading into the offering.
Anthropic is preparing an IPO slated for late September or early October, with Morgan Stanley, Goldman Sachs, and JPMorgan reportedly leading the offering. Bankers have told investors the company could raise more than $100 billion, implying a valuation near $2 trillion that would more than double its $965 billion private valuation and surpass SpaceX's June debut, which raised $85.7 billion at a $1.77 trillion valuation. A prospectus is expected after Labor Day. Anthropic privately disclosed to investors that its annualized revenue run rate reached $65 billion in July 2026, up from $47 billion in May. Anthropic told investors it expects Q3 to be profitable and has 6,000 customers spending $100,000 or more annually. Meta was projecting spending of up to $10 billion annually on Anthropic's tools. Anthropic plans to pitch investors on a total addressable market of more than $30 trillion and is considering allowing some shareholders to sell stock in the IPO with lockups longer than 180 days. Claude Code is cited as one of Anthropic's most popular products. The Trump administration cut off Anthropic's Defense Department contracts after Anthropic refused to give the military unrestricted access to its models. Anthropic would beat OpenAI to public markets; OpenAI is not planning to list until 2027.
Anthropic's IPO window narrowed on August 28 to late September or early October, with a prospectus expected after Labor Day; the company plans to pitch on a total addressable market of more than $30 trillion and is considering lockups longer than 180 days for some shareholders.
Reporting on August 29 added that Meta was projecting up to $10 billion annually on Anthropic's tools, even as Mark Zuckerberg published a 6,500-word piece taking implicit shots at rival AI labs.
Meta reported to be projecting $10B annual spend on Anthropic; IPO prospectus timing placed after Labor Day
Bankers at Morgan Stanley, Goldman Sachs, and JPMorgan told investors on August 24 that Anthropic could raise more than $100 billion in an IPO as soon as October, implying a valuation near $2 trillion, more than double its May post-money figure.
The report also disclosed that the Trump administration cut Anthropic's Defense Department contracts after Anthropic refused unrestricted military model access, and that Anthropic is expected to list before OpenAI, which is not planning to go public until 2027.
Reports detailed IPO bankers, a $100B-plus raise target, and comparison to SpaceX's debut valuation
The Financial Times on August 24 reported that Anthropic told investors it expects Q3 to be profitable and counts 6,000 customers spending $100,000 or more annually, alongside a July annualized revenue run rate of $65B. Ramp billing data from 70,000 companies, also cited in the report, placed Fable 5, Anthropic's flagship model, at only 8% of Anthropic model spend compared with 28% for Opus 4.8, with the model's high cost cited as limiting its uptake.
Financial Times reported revenue figures; Ramp billing data showed Fable 5 at 8% of Anthropic model spend versus 28% for Opus 4.8
Anthropic said on August 21 it expects to match or beat SpaceX's $75 billion IPO debut, setting a size target for its planned fall listing.
OpenAI's CFO told employees within hours that OpenAI was also pursuing a near-term public offering. Reporting described the race as driven by competition for top-frontier-AI-provider status rather than financing needs, and characterized Amodei and Altman as having an ongoing pattern of one-upping each other on model capabilities and agent milestones.
Within hours of Anthropic IPO reports, OpenAI's CFO told staff the company was also pursuing a near-term IPO; Anthropic cited SpaceX's $75B debut as its benchmark
On August 20, Anthropic disclosed $11.6B in Q2 2026 revenue against OpenAI's $6.7B for the same period and a small operating profit, and confirmed a September or early-October IPO window targeting a listing before OpenAI. OpenAI CFO Sarah Friar told employees the company targets a 2027 IPO, or sooner if growth accelerates. Anthropic also published its August 2026 Risk Report detailing internal problems; Wall Street is discussing a $2T valuation based on 2028 projections, with revenue 14x higher year-over-year though growth has slowed somewhat.
Anthropic Q2 revenue ($11.6B), positive adjusted operating income, Risk Report, and Decart acquisition talks reported
Bloomberg reported Anthropic's $65B annualized run rate and investor expectations of a $2T-plus IPO valuation
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