Artificial intelligence company Anthropic PBC is preparing to file publicly for an initial public offering (IPO) that could match or surpass the record-setting public debut of SpaceX, according to individuals familiar with the matter. The five-year-old developer of the Claude AI assistant is currently running the numbers ahead of a potential public filing as soon as the end of this month.
Elon Musk’s SpaceX raised $75 billion at the outset of its offering, making it the largest first-time share sale on record. That final figure later increased to $86.2 billion with the inclusion of the overallotment option. Discussions regarding Anthropic's IPO are ongoing, and details such as the final offering size remain subject to change.
Recent investor briefings led by Chief Financial Officer Krishna Rao have avoided questions regarding valuation. However, Anthropic’s financial trajectory highlights the scale of the current artificial intelligence boom. The company raised $65 billion in May at a valuation of $965 billion, outpacing rival OpenAI, which was valued at $852 billion in March after raising $122 billion.
Financial documents indicate that Anthropic experienced a net loss of almost $42 billion in 2025, which represents a roughly fivefold increase compared to about $8.3 billion the previous year. Despite these losses, the company posted positive adjusted operating income for the second quarter.
Demand for artificial intelligence services has accelerated sharply. Anthropic reported preliminary second-quarter revenue of more than $11.5 billion, a substantial increase from $787 million during the corresponding period in 2025. The company's annualized run rate reached $65 billion by the end of July.
Like other artificial intelligence firms, Anthropic faces significant expenses associated with building advanced systems. Training frontier models requires massive computing power. As part of its infrastructure strategy, Anthropic entered into an agreement with SpaceX for computing resources valued at tens of billions of dollars over the next three years.
Anthropic is positioned to make its public market debut ahead of OpenAI, which is currently evaluating a public listing in 2027. Both companies have filed confidentially for their respective listings. Ahead of its public filing, Anthropic is also working to finalize a revolving credit facility exceeding its initial $10 billion target.
For its public offering, Anthropic is collaborating with Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co., with the possibility of adding other banking partners. Additionally, the company is considering the adoption of super-voting shares. This structure would grant Chief Executive Officer Dario Amodei, who holds approximately a 2 percent stake, along with his co-founders, greater control over corporate governance.
"Anthropic's journey to a potential mega-IPO highlights a critical reality in the artificial intelligence sector: massive revenue growth is accompanied by equally massive infrastructure and training costs. While the company's surging revenue and investor demand point to a strong market appetite, managing burn rates and scaling computing resources remain fundamental operational challenges. This upcoming public debut will serve as a major benchmark for how public markets value high-growth frontier AI companies dealing with substantial operational losses." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
