Anthropic is preparing to publicly file for an initial public offering as soon as the end of August, according to reports Thursday, as the artificial-intelligence company seeks an offering that could match or surpass SpaceX’s record-setting market debut. The Claude developer confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission in June, allowing regulators to review its disclosures privately before the documents are made available to investors.Anthropic could now publicly release its IPO paperwork by the end of August, although the timetable remains subject to change. The company is reportedly targeting an offering at least comparable in size to SpaceX’s June IPO, potentially setting another U.S. fundraising record. SpaceX raised $75 billion by selling approximately 555.6 million shares at $135 apiece, valuing Elon Musk’s company at about $1.77 trillion at the offering price. Reuters calculates the offering at $85.7 billion under a broader measure, illustrating differences in how the record transaction has been reported.
Revenue Growth Is Driving Trillion-Dollar Valuation Expectations
Anthropic’s ability to challenge SpaceX’s record depends heavily on extraordinary growth expectations surrounding its Claude AI models. The company’s annualized revenue run rate exceeded $65 billion by the end of July, up from $47 billion in May and approximately $9 billion at the end of 2025, according to financial information provided to investors.Anthropic is projecting approximately $190 billion to $200 billion of annual revenue by 2028, people familiar with its financials told Reuters. Those forecasts are increasingly being used by investors and bankers attempting to determine an appropriate IPO valuation because current earnings provide a less useful benchmark for a company expanding at Anthropic’s pace. Some investors have modeled a valuation above $2 trillion, which would exceed the approximately $1.77 trillion valuation SpaceX achieved at its IPO. Anthropic’s valuation target has not been formally established, however, and final pricing will depend on investor demand and market conditions closer to the offering. Anthropic was most recently valued at approximately $965 billion in a private funding round.
Banks Compete for Roles in Potential Record Offering
Wall Street banks are already positioning themselves for the transaction. Anthropic is arranging a pre-IPO revolving credit facility that could exceed $10 billion, with banks competing for allocations partly because participation could strengthen their chances of receiving roles in the eventual stock offering. The company has reportedly asked top-tier banks for commitments of approximately $1.25 billion each, with another group being asked for roughly $1 billion and smaller participants contributing $750 million or less.The IPO would arrive only months after SpaceX demonstrated that public markets could absorb an exceptionally large technology offering. SpaceX began trading on Nasdaq on June 12 after completing the largest U.S. IPO on record, with its market capitalization subsequently surpassing $2 trillion during its debut. Anthropic would nevertheless be asking investors to underwrite a substantially different financial profile. Artificial-intelligence developers require enormous continuing expenditures on computing infrastructure, model training and technical talent, while competition from OpenAI, Google and rapidly improving Chinese AI companies remains intense. The company’s rapidly expanding revenue provides the central argument for its valuation. Its run rate has risen more than sevenfold from approximately $9 billion at the end of 2025 to more than $65 billion by July.A public filing at the end of August would provide investors with their most detailed look yet at Anthropic’s financial performance, losses, infrastructure spending and risk factors. If the company ultimately raises more than SpaceX, Anthropic would not merely become one of the largest technology listings ever. It would provide the clearest public-market test yet of whether the extraordinary private valuations attached to frontier AI companies can survive scrutiny from public investors.