Anthropic reportedly targeting IPO launch the week of November 9, valuation up to $2T

Bloomberg reported on October 2, citing people familiar, that Anthropic is considering launching its IPO roadshow as soon as the week of November 9 in order to begin trading before Thanksgiving on November 26. Investors see a fair value range of $1.8-2 trillion, and if pricing lands in that range, Anthropic's listing would be the largest IPO in history, on par with or larger than SpaceX's June 2026 listing. Subsequent coverage cited people familiar saying Anthropic plans to meet potential investors on October 14 at its San Francisco headquarters.

Earlier this week Reuters obtained a copy of Anthropic's S-1 investor prospectus. The filing shows revenue grew roughly 12-fold in 2025 to about $4.6 billion, up from $386 million in 2024. Net loss in 2025 was about five times the 2024 loss of $8.3 billion, approaching $42 billion; over $34 billion of that came from changes in the fair value of liabilities. The prospectus discloses roughly $518 billion in future cloud and infrastructure commitments over the next decade, about 80% non-cancelable: the SpaceX deal was raised to $84.5 billion through 2029 for Nvidia-based compute, mostly terminable on 90 days' notice, with $111.1 billion to Google, $110 billion to Amazon, $31.4 billion to Microsoft, and roughly $161.2 billion to Broadcom.

Anthropic was founded in 2021 by former OpenAI staff, including CEO Dario Amodei, and has become one of the world's leading AI labs through Claude and its enterprise focus, but competition with OpenAI continues. OpenAI this week at DevDay 2026 launched GPT-6.1 Sol and the always-on Dots agents and is reportedly negotiating a $30 billion pre-IPO round at a roughly $1.4 trillion valuation; Anthropic CEO Amodei has publicly called for slowing frontier-model development. Anthropic and OpenAI both face tighter oversight and ongoing work on rogue-agent incidents, while Anthropic continues to litigate the Pentagon supply-chain threat designation against it.