Anthropic has filed confidentially for an initial public offering and could publish its prospectus within weeks, targeting a raise of more than $100 billion at a valuation of up to $2 trillion. A debut is expected in the autumn. Morgan Stanley, Goldman Sachs and JPMorgan are leading the offering, with more banks expected to join.
The comparison Anthropic’s bankers are working against is SpaceX, which raised $75 billion in June by selling roughly 555.6 million shares at $135, the largest IPO ever completed, at a valuation near $1.77 trillion. Both of Anthropic’s targets would exceed it.
The revenue growth supporting that number is real and recent. Anthropic reported more than $11.5 billion in second-quarter revenue against $787 million in the same quarter of 2025, and its annualized run rate reached $65 billion by the end of July. Backers have told reporters they expect $100 billion to $120 billion annualized before the year is out. In May the company closed a $65 billion Series H at a $965 billion post-money valuation, meaning a $2 trillion listing would roughly double what private investors paid three months earlier.
The losses are the other half of the picture, and they are large. Anthropic’s 2025 net loss has been projected at close to $42 billion, against roughly $8.3 billion the year before, driven by the compute it buys to train and serve its models. The company did report positive adjusted operating income in the second quarter, though that measure excludes several costs a net loss figure includes. It is separately arranging a revolving credit facility expected to exceed $10 billion, and has signed a data center agreement with SpaceX worth tens of billions over three years.
The prospectus will settle which of those numbers investors weigh more heavily. Private backers have accepted the growth case at $965 billion; the buyers in a listing this size are pension funds and index trackers operating under different mandates.
Anthropic is also weighing super-voting shares that would preserve founder control, including for chief executive Dario Amodei, after the listing. That structure is common among recent technology IPOs and would insulate the company’s direction from shareholder pressure at a moment when its safety commitments and its growth targets pull in different directions.
Investors in the company were modeling a $2 trillion October listing earlier this month, before any filing was confirmed. The valuation they projected has held. Anthropic has now begun the formal process, and the figures behind it become public when the prospectus does.
A listing would also put Anthropic’s compute costs under quarterly disclosure, in an industry that has so far discussed them through leaks and selective briefings. Those costs are being carried in increasingly complicated ways across the sector: Nvidia has spent this year assembling more than $500 billion in debt facilities secured against its own chips, so that its customers can finance the hardware they buy.
Sources: IBTimes UK, Forbes
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By the Control Plane Editorial Team