Anthropic, the developer behind the AI model Claude, is preparing for a public listing that could surpass SpaceX’s record $86.2 billion IPO volume, according to people familiar with the matter.
The company is evaluating multiple scenarios and aims to file preliminary IPO documents by the end of this month, though no valuation has been disclosed in recent investor briefings led by Chief Financial Officer Krishna Rao. SpaceX’s 2023 IPO raised $75 billion initially, with the final tally reaching $86.2 billion after the greenshoe option was exercised amid strong early demand.
Anthropic’s ambitions underscore the scale of capital required to compete in the AI sector. The five-year-old company raised $65 billion in May at a $965 billion valuation, surpassing rival OpenAI, which secured $122 billion at a $852 billion valuation in March. Both firms have privately submitted IPO filings, with OpenAI now targeting a 2027 listing.
The company’s financial trajectory reflects the sector’s rapid expansion and high costs. Anthropic reported a positive adjusted operating profit in Q2, but its net loss for 2025 reached nearly $42 billion, up from about $8.3 billion the prior year. Revenue surged to over $11.5 billion in Q2 from $787 million in the same period of 2025, with a run rate of $65 billion by late July.
Anthropic’s spending on AI model development remains substantial. The company has secured multi-year contracts for computing capacity valued in the tens of billions of dollars with data center operators to train frontier models.
The timing of Anthropic’s IPO could position it ahead of OpenAI, which has delayed its own public listing plans to 2027. Both companies are currently operating under confidential IPO filings.
