Anthropic Targets Record-Scale IPO

Anthropic is preparing for an initial public offering that is expected to match or exceed the size of SpaceX’s (SPCX) record-setting share sale. The prospective deal would place the artificial intelligence company among the largest IPOs ever completed. While the final terms are not yet determined, the contemplated transaction size is being benchmarked against SpaceX’s (SPCX) offering, which raised $75 billion and expanded to $86.2 billion after an overallotment option was exercised.

The company is working with a syndicate of major global banks, including Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan (JPM), as it evaluates the structure and timing of the offering. Planning is sufficiently advanced that Anthropic could file publicly for the IPO as soon as the end of August 2026. The size and details of the issuance remain subject to change as work on the transaction continues.

Recent financial figures highlight the scale and momentum behind Anthropic’s planned listing. Preliminary second-quarter 2026 revenue was reported near $11.5 billion, reflecting rapid growth in the company’s business. By late July 2026, Anthropic’s annualized revenue run rate had reached roughly $65 billion, underscoring the expansion of its commercial operations.

These revenue metrics are paired with sizeable losses as the company invests heavily in its technology and infrastructure. Documents reviewed in the coverage indicate that Anthropic posted a net loss of about $42 billion in 2025. The combination of fast-rising revenue and substantial losses forms a key part of the financial backdrop to the planned IPO.

Ahead of the prospective listing, Anthropic has already completed one of the largest private funding rounds on record. In May 2026, the company raised about $65 billion in a private financing transaction. This round implied a valuation of roughly $965 billion for the business.

The scale of that private capital raise, together with the near-trillion-dollar implied valuation, helps explain why the company is now targeting an IPO comparable in size to SpaceX’s record share sale. The planned offering would provide public-market investors exposure to Anthropic’s rapidly growing revenue base and its sizable ongoing investment program.