Anthropic PBC is gearing up for an initial public offering that could match or surpass SpaceX's record $86.2 billion IPO. The artificial intelligence firm is considering filing publicly as soon as the end of August. This mega-IPO is attracting significant attention from Wall Street, with Citigroup Inc. reportedly joining Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co. as top advisers for the deal. Anthropic also plans to finalize a revolving credit facility exceeding its $10 billion target ahead of its public filing.
The company's financial performance highlights its rapid growth, with preliminary second-quarter revenue exceeding $11.5 billion, a significant jump from $787 million in the same period of 2025. Its annualized revenue run rate hit $65 billion by the end of July. Despite a net loss of nearly $42 billion in 2025, a five-fold increase from the prior year, Anthropic reported positive adjusted operating income for the second quarter. The high costs associated with training advanced AI models, including a multi-billion dollar deal with SpaceX for computing resources, contribute to these expenses.
Anthropic, valued at $965 billion in May when it raised $65 billion, is now projected by some investors to float at a valuation of around $2 trillion. The IPO prospectus is expected to list potential risks, such as negative sentiment toward AI and data centers. The company has been conducting preliminary meetings with bankers and investors, where its CFO, Krishna Rao, has addressed concerns about competition, margin pressure from open-source models, and potential slowdowns in data center development. Anthropic's debut is expected to precede OpenAI's listing, which is anticipated in 2027.
