Anthropic reportedly racing to go public before Thanksgiving, with valuation aiming at $2 trillion
According to media reports citing people familiar with the matter, Anthropic is seeking to go public as early as mid-November, and could launch its IPO roadshow as early as the week of November 9, potentially beginning trading before Thanksgiving on November 26, with a meeting with potential investors scheduled for October 14 at its San Francisco headquarters. The people familiar with the matter said investors believe its reasonable valuation is between $1.8 trillion and $2 trillion, and the IPO size is expected to be comparable to or even larger than SpaceX's. Previous reports showed that Anthropic's 2025 net loss was close to $42 billion, with full-year revenue of about $4.6 billion.
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Anthropic's IPO timetable and its $1.8 trillion to $2 trillion valuation range provide a concrete reference for observing the listing pace and capital expectations of leading AI companies.
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Cailian Press, October 2 (Editor Bian Chun) — According to media reports citing people familiar with the matter, Anthropic, the leading U.S. artificial intelligence company and developer of the Claude chatbot, is seeking to go public as soon as mid-November, after previously postponing its IPO plans.
The people familiar with the matter said Anthropic could formally launch its IPO roadshow as early as the week of November 9, potentially allowing it to begin trading before Thanksgiving on November 26.
The people said Anthropic is scheduled to meet with potential investors at its San Francisco headquarters on October 14 to prepare for the IPO.
The people also said Anthropic is still expected to complete its listing by the end of this year at the latest, that discussions are ongoing, and that the specific timing could still be adjusted.
It was previously reported that Anthropic had originally planned to publicly file its IPO application after the summer. But the listing process was subsequently delayed.
Anthropic has had strong momentum for most of 2026, but it is now facing a new round of competition from rivals such as OpenAI, whose sales have grown rapidly in recent months.
Anthropic CEO Dario Amodei recently published a long article calling for slowing the pace of AI model development.
Anthropic's main competitor OpenAI has already postponed its IPO plans, with its CEO Sam Altman believing that going public now would be unwise.
However, such concerns appear not to have affected potential investors' interest. The people familiar with the matter said investors believe Anthropic's fair valuation is between $1.8 trillion and $2 trillion.
According to reports, Anthropic expects its IPO size to be comparable to or even larger than that of SpaceX.
Anthropic's high valuation is built on rapidly growing AI demand. Although the company is still in a phase of heavy cash burn, investors still hold high expectations for its long-term development prospects.
According to previous media reports, Anthropic's net loss in 2025 was close to $42 billion, about five times the roughly $8.3 billion loss in the previous year. Full-year revenue in 2025 was about $4.6 billion, far higher than $386 million in 2024.
It is worth noting that Anthropic's huge net loss did not all come from day-to-day operating expenses. Relevant documents show that in 2025, losses from changes in the fair value of the company's liabilities exceeded $34 billion, accounting for the vast majority of the full-year net loss.
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