Artificial intelligence company Anthropic is considering an initial public offering that could match or surpass the record-setting stock market debut of SpaceX, as investor demand around generative technology continues to surge.
The five-year-old developer of the Claude chatbot is processing financial data to publicly file documentation for the prospective mega-listing as early as the end of August, according to people familiar with the matter who spoke to Bloomberg on condition of anonymity.
During recent briefings held for potential investors under Chief Financial Officer Krishna Rao, the issue of valuation was reportedly avoided. Bloomberg reported that discussions surrounding the potential listing remain ongoing, meaning both the ultimate size and structural details of the transaction could still change.
Aerospace venture SpaceX, founded by Elon Musk, previously conducted the largest initial public offering in history by initially raising 75 billion dollars, according to Bloomberg data. That sum eventually expanded to 86.2 billion dollars after underwriters exercised an over-allotment option, a standard market provision activated when share prices rise during initial trading sessions.
Valuation and Financial Performance
Anthropic's goal underscores how artificial intelligence developers are reshaping the technology investment landscape. In May, the firm raised 65 billion dollars at a valuation of 965 billion dollars, surpassing competitor OpenAI. OpenAI, the creator of ChatGPT, achieved an 852 billion dollar valuation in March after securing 122 billion dollars in fresh funding.
Despite positive adjusted operating results in the second quarter, Anthropic recorded a net loss of nearly 42 billion dollars in 2025, according to financial documents seen by Bloomberg. That figure represents a roughly fivefold increase from its 8.3 billion dollar loss in 2024.
Rapid growth in enterprise and consumer adoption of AI applications has nevertheless fueled significant revenue expansion. Preliminary second-quarter revenue passed 11.5 billion dollars, compared with 787 million dollars in the corresponding period of 2025. Anthropic's annualized revenue run rate, which projects short-term sales across a full year, reached 65 billion dollars at the end of July.
Infrastructure Agreements and Listing Timeline
Anthropic and its industry peers face substantial costs to build and operate increasingly sophisticated artificial intelligence systems. Training frontier models requires vast computing power, prompting companies to secure long-term infrastructure commitments with specialized data center providers.
As part of one data center agreement, Anthropic reached a deal with SpaceX for the provision of computing resources. The computing partnership could be worth tens of billions of dollars over the next three years.
Anthropic remains on track to complete its public listing ahead of OpenAI, which is weighing a potential stock market introduction in 2027. Both technology companies have already submitted confidential filings for their initial public offerings.
Alongside its equity floating preparations, Anthropic is expected to finalize a revolving credit facility exceeding 10 billion dollars, topping its original target. Investment banks Morgan Stanley, Goldman Sachs, and JPMorgan Chase are managing the offering, with additional banks potentially joining the syndicate later.
Corporate Control and Market Context
Company leadership is also considering the adoption of super-voting shares. The dual-class equity structure would provide Chief Executive Officer and co-founder Dario Amodei, who holds approximately 2 percent of the company, and his fellow co-founders with enhanced voting control over the firm following the debut.
An initial public offering by Anthropic that exceeds SpaceX's benchmark would be sufficient to position 2026 as the biggest year for United States public listing volume in history. Newly listed companies have raised 160.6 billion dollars through August 19, according to Bloomberg data, drawing closer to the annual record of 195.2 billion dollars set in 2021.
Anthropic's prospective floating would add another major deal to a year that has already logged two of the largest public offerings in history. That total includes South Korean semiconductor manufacturer SK Hynix, which raised 26.5 billion dollars through its initial issuance of American Depositary Receipts in the United States.
