Anthropic is moving toward a public listing that could become the largest IPO in history, targeting a valuation near $2 trillion and an offering size that would match or top SpaceX's record $75 billion raise, according to Bloomberg. The Claude maker could file paperwork publicly as soon as the end of August, with Morgan Stanley, Goldman Sachs and JPMorgan lined up to lead the deal.
The IPO push follows a period of explosive growth: Anthropic's annualized revenue run rate hit roughly $65 billion by the end of July, more than sevenfold higher than at the end of 2025. Preliminary second-quarter revenue topped $11.5 billion, up from just $787 million a year earlier. The company also posted a positive adjusted operating income for the quarter, even as it recorded a roughly $42 billion net loss for 2025 -- about five times the prior year's loss -- reflecting the enormous cost of training and running frontier AI models.
Anthropic raised $65 billion in a funding round in May 2026 at a $965 billion valuation, edging ahead of rival OpenAI's $852 billion valuation at the time. A record-breaking Anthropic IPO would also push 2026 toward the highest annual U.S. IPO volume ever recorded, with new listings already totaling more than $160 billion for the year.