Anthropic on October 14 hosts IPO pre-roadshow at San Francisco HQ, valuation band $1.8 trillion to $2 trillion

Anthropic on October 14 holds a pre-roadshow at its San Francisco HQ inviting institutional investors to an IPO pitch event, with a valuation band of $1.8 trillion to $2 trillion, roughly double the $965 billion post-money mark it set at its Series H in May. Reported raise sizes walked from over $20 billion in September to as much as $100 billion this month, led by Morgan Stanley, Goldman Sachs, and JPMorgan Chase, with a Nasdaq listing planned. Under Section 6(e) of the JOBS Act and Securities Act Rule 433(h)(4), the confidential submission and its amendments must be publicly filed on EDGAR no later than 15 days before the issuer conducts a road show. If formal marketing kicks off the week of November 9 as Bloomberg reported on October 1, the public prospectus would be due around October 25. Key operating data circulated in the leaked prospectus reported by Reuters on September 28, including 2025 revenue of about $4.6 billion up roughly twelvefold, a net loss of about $42 billion the same year, and $518 billion in compute commitments already signed. If the formal roadshow proceeds on schedule, the trading target is before Thanksgiving on November 26 with year end as the fallback.