Anthropic is moving toward a mid-October IPO launch that some investors believe could value the AI company at about $2 trillion, potentially surpassing SpaceX’s record public debut.
Key Points:
- Anthropic is expected to begin IPO marketing in mid-October at the earliest, with its prospectus now targeted for late September.
- Some investors see a potential $2 trillion valuation, but the figure depends heavily on aggressive long-term revenue forecasts.
- The company is also working to finalize a $15 billion revolving credit facility as major Wall Street banks prepare the offering.
Anthropic IPO
Reuters reported on Sept. 4 that Anthropic is expected to begin marketing the offering in mid-October at the earliest and complete the listing days before the U.S. midterm elections in November. The company had previously been expected to publish its IPO prospectus as early as next week, but people familiar with the process now expect the filing in late September. The schedule could still change.
As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility before analysts meet with management, a step that would move the company closer to its prospectus. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working on the offering, according to people familiar with the matter. The banks declined to comment.
Analysts already know the company well, which could allow Anthropic to shorten the usual gap between analyst meetings and publication of the prospectus.
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SpaceX Benchmark
The $2 trillion figure is not a confirmed IPO price, but a valuation some investors believe Anthropic could reach if public-market buyers accept unusually aggressive growth assumptions. Reuters reported in August that Anthropic projects roughly $190 billion to $200 billion in 2028 revenue, far above the $47 billion revenue run rate it publicized in May. The valuation is not settled.
Bankers and investors have been looking beyond current earnings and applying revenue multiples to forecasts several years ahead, reflecting Anthropic’s rapid expansion and its heavy spending on computing infrastructure.
David Merkel, a principal at Aleph Investments, told Reuters, “Could they get a $2 trillion valuation, yeah they could,” while questioning whether that level would hold over time. That is a demanding assumption.
The offering would test how much future revenue public investors are willing to price into an AI company whose current costs remain elevated by chips, model training and infrastructure.
OpenAI is also linked to a potential listing. SpaceX set the current record when Elon Musk’s company went public in June at a $1.77 trillion valuation, giving investors another benchmark for pricing fast-growing technology companies. If Anthropic reaches the $2 trillion level discussed by investors, it would overtake that record only months later.
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