Anthropic Eyes $2 Trillion IPO That Could Top SpaceX
2 min readAnthropic is preparing an initial public offering that could be the largest in history, with the Claude maker targeting a valuation above $2 trillion. Bloomberg reported Friday that the five-year-old AI company expects its offering to match or beat SpaceX’s record-setting debut, and that a public filing could come as soon as the end of August.
From Confidential Filing to Record Attempt
Anthropic confidentially submitted a draft Form S-1 to the SEC in June, at a valuation near $1 trillion. That filing gave the company the option to go public once the SEC completed its review. What has changed in two months is the number attached to it.
The bar Anthropic is aiming at is high. SpaceX raised $75 billion in its share sale, climbing to $86.2 billion after an overallotment option, which makes it the biggest IPO on record. Anthropic raised $65 billion privately in May at a $965 billion valuation, putting it ahead of OpenAI, which was valued at $852 billion in March.
The Numbers Behind the Ask
Revenue growth is doing most of the work. Anthropic reported preliminary second-quarter revenue above $11.5 billion, up from $787 million in the same quarter of 2025, and its annualized run rate reached $65 billion by the end of July, according to TechStartups.
The counterweight is cost. Anthropic posted a net loss of nearly $42 billion in 2025, roughly five times the $8.3 billion loss recorded the year before. The company did reach positive adjusted operating income in the second quarter, an early signal that the economics improve as revenue scales. Morgan Stanley, Goldman Sachs and JPMorgan Chase are working on the offering, and Anthropic is expected to close a revolving credit facility above its $10 billion target before the public filing.
Why the Anthropic IPO Matters
Public investors have had almost no direct way to own a frontier model developer. A listing changes that, and it forces a public price onto assumptions that until now have only been tested privately. Control is part of the story too. The company is weighing super-voting shares that would preserve influence for CEO Dario Amodei and his co-founders. Amodei owns roughly 2% of the company.
US IPOs had raised $160.6 billion through August 19, closing in on the $195.2 billion record set in 2021. A deal this size could break that record on its own. The thing to watch is the public S-1, which will lay out margins, compute commitments and governance in detail for the first time.