Anthropic is preparing for an initial public offering in November that could value the company at approximately $2 trillion and raise as much as $100 billion, according to people familiar with the preparations. The timeline has shifted from earlier expectations of an October debut, giving the Claude developer additional time to share third-quarter financial results with prospective investors.

The company has not yet publicly filed a registration statement, and final terms including share count, exchange listing, and exact proceeds remain subject to market conditions and investor demand. Meetings with potential backers are expected in the coming days as Anthropic provides more detailed financial information.

Strong Revenue Growth Underpins Valuation Talks

Annualized revenue at Anthropic surpassed $65 billion by the end of July 2026, rising sharply from about $9 billion at the close of 2025. Investors anticipate the run rate could exceed $110 billion by the end of this year, driven largely by corporate demand for Claude subscriptions, API access, and enterprise contracts.

Longer-term internal projections have pointed to revenue in the range of $190 billion to $200 billion for 2028, though such forecasts remain subject to changes in product demand, pricing, and computing expenses. Gross margins have been reported above 80 percent before revenue-sharing and training costs on an adjusted operating basis that excludes stock-based compensation.

Much of the company’s sales come from organizations using its models for software development, research, customer support, and other business applications. Competition remains intense, with rival systems capturing notable shares of enterprise AI spending.

Infrastructure Expansion and Capital Needs

Meeting rising demand requires significant increases in computing capacity. Investors expect Anthropic to secure access to roughly five gigawatts of compute by the end of 2026, with that figure nearly doubling by the end of 2027. Such expansion involves substantial outlays for data centers, chips, and electricity.

The company has previously committed large sums toward cloud infrastructure, including arrangements involving major providers. Discussions have also taken place regarding a potential anchor investment of up to $10 billion from Nvidia in the offering, though neither company has publicly confirmed those talks.

Safety Measures and Governance Considerations

As Anthropic moves toward public markets, its leadership continues to advocate for more cautious development of advanced AI systems. Chief Executive Dario Amodei has called for independent monitoring, industry-wide regulatory measures, and global frameworks to manage risks associated with increasingly capable models.

Anthropic and Accenture recently announced a commitment of at least $2 billion over five years to support independent evaluation of frontier models. Accenture’s AI unit Faculty will conduct evaluations, red-team testing, and safety alignment work, with evaluators granted access similar to company employees.

Some investors have stressed the importance of establishing robust protections before a public listing, noting that shareholder scrutiny intensifies once shares trade openly. Former Anthropic researcher Jacob Coxon has stated that people involved in founding these companies and building the technology believe there is a possibility of human extinction.

OpenAI Chief Executive Sam Altman has expressed support for independent evaluators with employee-like access, indicating his company would adopt similar practices.

Public Market Accountability

Circle Chief Executive Jeremy Allaire has backed an Anthropic listing, arguing that public markets impose audited accounts, regular reporting, independent board oversight, and greater accountability. He noted that securities disclosure requirements and AI-specific regulation serve distinct purposes.

A U.S. public offering would require Anthropic to file detailed information with the Securities and Exchange Commission covering its business, audited financials, risks, management, major shareholders, and use of proceeds. Until such documents appear, valuation discussions and timing remain based on private conversations and reported projections.

The proposed transaction, if completed at the discussed scale, would rank among the largest public offerings on record. Anthropic faces the dual task of sustaining commercial momentum while addressing ongoing questions around safety protocols, regulatory developments, and the capital intensity of frontier model development.