Anthropic's planned $100 billion-plus raise and $2 trillion valuation
Anthropic is preparing an initial public offering that could raise more than $100 billion at a valuation approaching $2 trillion, a level that would surpass SpaceX's June listing, which stands as the largest IPO on record. SpaceX sold $75 billion of shares initially, with the total expanding to $86.2 billion once underwriters exercised the overallotment option, leaving the company valued at about $1.77 trillion at listing. Anthropic's draft prospectus is expected as soon as the end of August, and the New York Times reported on August 21 that underwriters have recently engaged potential investors on the deal. Anthropic may reach the public market before rival OpenAI, which is reportedly targeting a 2027 listing, and both companies have already filed confidentially with the SEC.
Revenue trajectory driving the valuation case
Anthropic's pitch rests on accelerating revenue growth. The company was valued at $965 billion in a private funding round in May, when it raised $65 billion, and its annualized revenue run rate has climbed from roughly $9 billion at the end of last year to more than $65 billion in July. Preliminary second-quarter revenue was reported at more than $11.5 billion, up from $787 million a year earlier. Anthropic has told investors it can hold current service pricing even if competitors cut theirs, betting that ongoing gains in AI model performance will sustain demand for Claude Code and other offerings.
The SpaceX benchmark and Anthropic's path past it
To match or exceed SpaceX's $86.2 billion total, Anthropic would need investors to absorb a share sale larger than any completed to date. At a $2 trillion valuation, the company would only need to place about 3.75 percent of its equity to raise roughly $75 billion, leaving room to clear SpaceX's overallotment-inclusive total. U.S. IPOs had already raised $160.6 billion through August 19, trailing the 2021 full-year record of $195.2 billion, according to Bloomberg data, meaning a deal above SpaceX's benchmark could by itself push 2026 past the previous high.
Costs, competition, and execution risks
Anthropic posted positive adjusted operating income in the second quarter but reported a net loss of nearly $42 billion in 2025, roughly five times the prior year's $8.3 billion, and it still faces uncertainty over whether it can preserve premium pricing as lower-priced open-weight models spread. The company is also racing to secure sufficient data-center capacity, advanced semiconductors, and power to keep pace with AI demand. Morgan Stanley, Goldman Sachs, and JPMorgan are working on the listing, and Anthropic is arranging a revolving credit facility expected to exceed $10 billion.
Outlook and the next milestones
Anthropic's prospectus is expected to be filed publicly within weeks, with a listing targeted within months thereafter. Investors are weighing a $2 trillion tag against an approximately $195 billion revenue projection for 2028 reported by Reuters, a figure that would value the company at roughly 10 times forward sales if achieved. Whether the offering closes at, near, or below SpaceX's record will become clearer once the public filing, share count, and price range are disclosed.
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