Anthropic IPO Is Playing Hard to Get With Wall Street
Synopsis
Anthropic is moving its IPO timeline toward mid-October, with a potential $2 trillion valuation, stronger revenue run rate and a $15 billion credit facility shaping investor attention
Anthropic IPO plans progress toward mid-October as the AI company readies itself for a potential U.S. stock market debut which could be valued at around $2 trillion.
The prospectus schedule has shifted from early to late September and the marketing campaign switch is due to be launched mid-October, sources with knowledge of the situation say.
The listing is expected to occur very close to the US mid-term elections in November, though the timing is subject to change. The offering is under the advice of Morgan Stanley, Goldman Sachs, JPMorgan and Citi, with Anthropic completing a $15 billion revolving credit facility ahead of analyst meetings.
Revenue Growth Gives Anthropic IPO More Weight
Following an accelerated growth in the company's reported annual revenue run rate, the Anthropic IPO comes into view. By the end of July, the company's value had surged to over $65 billion, from $47 billion in May and approximately $9 billion at the end of 2025.
A run rate is an annual projection that takes the company's current sales into account rather than the actual reported full-year revenue.
The company also closed its final series H round of financing in May at a post-money valuation of $965 billion, for $65 billion. Anthropic raised $30 billion worth of equity earlier this February with a valuation of $380 billion, underscoring the rapid rise of private-market expectations in anticipation of a listing.
The potential valuation of the listing is also being driven by financial expectations. Anthropic had previously been expected to generate revenue of about $190 billion to $200 billion in 2028, according to people familiar with its finances, who spoke to Reuters, but this is a projection and not actual revenue.
US Leads as Global AI Infrastructure Spending Accelerates
As demand for AI infrastructure grows, the Anthropic IPO is coming to the forefront. According to Gartner's forecast, the worldwide spending on IaaS for AI workloads will exceed $42 billion in 2026, a 96% increase from the previous year.
Meanwhile, the U.S. continues to be the hub of the AI listing initiative, with Anthropic and OpenAI set for potential entry into the public markets, and SpaceX recently making its debut at around $1.77 trillion.
In China, AI startup Moonshot AI has secretly applied for a Hong Kong listing that would value it at approximately $50 billion and raise around $3 billion.
In that context, the Anthropic IPO is significant to measure public investors' attitudes toward the fast-growing AI firms, especially as private valuations are rising at a much faster pace than traditional financial evaluations.
Source: Reuters
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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