Anthropic is advancing preparations for a landmark initial public offering that could set a new benchmark for the largest share sale on record. The company behind the Claude AI models is positioning its listing to equal or exceed the scale achieved by SpaceX earlier this year, with filings possibly arriving before the end of August and trading potentially beginning in October.

Filing Timeline and Offering Ambitions

People familiar with the matter indicate Anthropic could submit public paperwork as soon as the close of this month, advancing earlier expectations of an October filing. The company has already submitted confidential documents to regulators. Chief Financial Officer Krishna Rao has addressed the schedule during recent investor briefings while declining to specify a precise valuation target.

The AI developer aims for its debut to match or surpass SpaceX's record proceeds. SpaceX initially raised $75 billion and reached a final total of approximately $85.7 billion to $86.2 billion after underwriters exercised an overallotment option. Some discussions around Anthropic have referenced the possibility of a raise approaching or exceeding $100 billion, though no official target has been confirmed. Bankers are exploring scenarios that could support a public valuation near $2 trillion.

Four major banks are involved in the process: Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup. Anthropic is also arranging a revolving credit facility expected to exceed $10 billion.

Rapid Revenue Growth and Financial Profile

Anthropic's financial trajectory underpins the ambitious scale. Preliminary second-quarter revenue exceeded $11.5 billion, representing growth of more than 1,300 percent from $787 million in the same period a year earlier. By the end of July, the annualized revenue run rate had climbed to $65 billion, up from $47 billion in May and $14 billion in February.

Claude Code, the company's coding product, has independently reached a $2.5 billion run rate. In the enterprise API segment, Anthropic reported a 32 percent market share in the second quarter, ahead of OpenAI's 25 percent.

The company closed a $65 billion private funding round in May at a $965 billion valuation, led by investors including Altimeter, Dragoneer, Greenoaks, and Sequoia, with Amazon contributing an additional $5 billion. This followed OpenAI's earlier round that valued it at $852 billion.

Despite the growth, full profitability remains distant. Anthropic recorded a net loss of nearly $42 billion in 2025, compared with about $8.3 billion the prior year. Adjusted operating income turned positive in the second quarter of 2026, though substantial costs related to model training and computing capacity continue. The firm has secured multi-billion-dollar capacity agreements with Amazon, Google, Broadcom, and SpaceX, including a computing resources pact with SpaceX potentially worth tens of billions over three years.

Projections point to revenue of $190 billion to $200 billion by 2028, implying sustained high growth from the current run rate.

Governance Structure and Market Context

Anthropic is evaluating the use of super-voting shares that would allow founders to retain significant control. CEO Dario Amodei holds roughly a 2 percent stake. The company's Long-Term Benefit Trust retains authority to select and remove certain board members, consistent with its public benefit orientation.

The offering arrives as U.S. companies have already raised $160.6 billion through IPOs this year, nearing the 2021 record of $195.2 billion. Anthropic seeks to list ahead of OpenAI, which is currently targeting a 2027 debut. Both firms have filed confidentially.

Post-listing dynamics observed with SpaceX provide context. SpaceX shares, priced at $135 in the IPO, recently traded near $134 following large lock-up releases that added more than 1.2 billion shares to the float in a short period. Volume spiked above 119 million shares on one recent session.

Details including final size and valuation remain subject to change prior to any public filing. The company remains private as of mid-August 2026, with no ticker, pricing, or confirmed listing date established.