Anthropic plans public S-1 by month-end, targets record-shattering $86.2B IPO
Bloomberg reported Aug 21 that Anthropic plans to publicly file its S-1 with the SEC by the end of August, with an IPO target of at least $75B matching SpaceX's record (up to $86.2B with the overallotment), earliest October listing, valuation chatter as high as $2 trillion.
Bloomberg reported on August 21 that Anthropic, the developer of the Claude large language model, is accelerating its path to a public listing and plans to publicly file its S-1 registration statement with the US Securities and Exchange Commission by the end of August at the earliest. The company is targeting an October or November debut on US exchanges. CFO Krishna Rao has held a series of investor briefings in recent weeks while steering clear of specific valuation details.
Sources told Bloomberg that Anthropic's IPO raise is expected to at least match SpaceX's $75 billion record from June 12 of this year, expandable to $86.2 billion with the overallotment option, and could even exceed that benchmark, which would make it the largest IPO in global capital-markets history. Lead underwriting is being run by Morgan Stanley, Goldman Sachs, and JPMorgan, with multiple reports indicating Citigroup may be added to the syndicate to expand the book.
Financially, Anthropic's preliminary Q2 2026 revenue reached $11.5 billion versus $787 million in the year-ago period, a roughly 14x year-over-year jump. Annualized revenue at the end of July hit $65 billion, and the company crossed into positive adjusted operating profit (~$559 million) for the first time as a frontier-model maker. Net loss in 2025 still came in at around $42 billion, far above the roughly $8.3 billion in 2024, with compute spend the primary drag. Anthropic has raised about $132 billion across 18 rounds through June, with the $65 billion Series H in late May pushing valuation to roughly $965 billion — above the $852 billion valuation OpenAI anchored with its $122 billion March round.
More than 300,000 enterprises are using Claude products today; Claude Code alone, launched earlier this year, is approaching a $1 billion annual revenue run rate, and business customers contribute roughly 80 percent of total revenue. Anthropic internally projects that it can reach operating profitability in 2026 and approach cash flow breakeven around 2028.