Anthropic is accelerating its preparations for a potential mega-IPO, with expectations to file as early as the end of August. The AI firm is aiming to match or even exceed SpaceX's record-setting $75 billion IPO, which ultimately reached $86.2 billion with the over-allotment option. Morgan Stanley, Goldman Sachs Group, and JPMorgan Chase & Co. are advising Anthropic on the offering, with other banks potentially joining.
Despite ambitious IPO targets, Anthropic faces significant financial challenges due to the high cost of developing advanced AI systems. The company is projected to have a net loss of almost $42 billion in 2025, a substantial increase from about $8.3 billion in 2024. However, Anthropic's financial performance has shown rapid growth, with preliminary second-quarter revenue exceeding $11.5 billion, significantly up from $787 million in Q2 2025. Its annualized revenue run rate hit $65 billion by the end of July.
Anthropic secured a $65 billion funding round in May, pushing its valuation to $965 billion, surpassing rival OpenAI's $852 billion valuation from March. The company's focus on the enterprise market, particularly with products like Claude Code, has been a key driver, with Claude Code alone generating an annualized revenue run-rate exceeding $2.5 billion. Anthropic also holds a leading 32% market share in the enterprise large language model API market, outperforming OpenAI's 25%.
To manage its high computing costs, Anthropic entered a multi-year agreement with SpaceX, potentially worth tens of billions of dollars. The company is also finalizing a revolving credit facility expected to exceed $10 billion. Anthropic is considering implementing super-voting shares to ensure co-founders, including CEO Dario Amodei, maintain greater control over the company. This IPO could significantly contribute to making 2026 a record-breaking year for US IPO volume, potentially surpassing 2021's high of $195.2 billion.
