Anthropic aims to raise over $100B in record IPO

Anthropic, the artificial intelligence company behind the Claude family of models, is preparing for an initial public offering that could surpass SpaceX's record-setting debut from June and become the largest in history. Bankers working on the deal have told potential investors the company could seek to raise more than $100 billion, which would value the five-year-old firm at up to $2 trillion, according to The New York Times, which reported the figures on August 21 citing two unnamed sources familiar with the discussions.dailysabah+1

A Record-Breaking Ambition

If Anthropic proceeds at the discussed terms, it would eclipse SpaceX's June IPO, which raised $85.7 billion at a valuation of $1.77 trillion — previously the largest public offering in history. The targeted $2 trillion valuation would more than double Anthropic's last private valuation of $965 billion, reached during a funding round in June. Only a handful of companies, including Apple ↗ 0.36%, Microsoft ↗ 1.75%, and Nvidia ↗ 8.74%, have previously surpassed the $2 trillion mark.dailysabah

Bloomberg reported on August 22 that Anthropic expects to match or beat the size of SpaceX's deal. Morgan Stanley ↗ 0.36%, Goldman Sachs The Goldman Sachs Group, Inc. ↗ 0.04%, and JPMorgan ↘ 0.64% are reportedly managing the underwriting process.illustrateddailynews+1

Revenue Growth and Timeline

The company's rapid revenue growth underpins the ambitious valuation. Bloomberg reported that Anthropic's annualized revenue run rate has exceeded $65 billion, a more than sevenfold increase from $9 billion the prior year, driven largely by the popularity of its Claude Code developer tool. Actual revenue in the second quarter reached $11.6 billion.chosun+1

Anthropic confidentially submitted a draft S-1 to the SEC on June 1, with a public filing anticipated by the end of August and a potential listing as early as October.illustrateddailynews

Risks and Market Impact

The offering is not without headwinds. Anthropic's relationship with the Trump administration deteriorated in March when the Defense Department broke off contracts with the company and designated it a supply chain risk after it refused to grant the military unrestricted access to its AI models. Anthropic called the move unconstitutional retaliation.dailysabah

Analysts warn the IPO could strain broader market liquidity. Choi Bo-young, a researcher at Kyobo Securities, said large unlisted companies entering the public market create "a new supply that directly competes for the same investor funds as listed shares," noting that SpaceX absorbed roughly $75 billion through its June listing. With hyperscaler bond issuance projected to expand from about $250 billion in 2026 to $400 billion in 2027, equities may need to offer higher expected returns to compete.biz.chosun