Anthropic PBC is advancing plans to file confidentially for an initial public offering as soon as the end of August, aiming to match or exceed the $75 billion raised by SpaceX in its record-breaking IPO.
The AI developer, creator of the Claude model, has engaged Morgan Stanley, Goldman Sachs, and JPMorgan Chase as lead underwriters for the offering. Anthropic’s push to go public comes ahead of rival OpenAI, which has targeted a 2027 listing after filing confidentially in March.
Anthropic’s valuation has surged in recent months, reaching $965 billion in a May funding round that raised $65 billion. This exceeded OpenAI’s $852 billion valuation from a March round, in which the ChatGPT developer raised $122 billion. SpaceX’s IPO, the largest first-time share sale on record, ultimately raised $86.2 billion after exercising its overallotment option.
The company reported preliminary second-quarter revenue of more than $11.5 billion, a sharp increase from $787 million in the same period last year. Its annualized revenue run rate reached $65 billion by the end of July, while Anthropic posted positive adjusted operating income for the quarter. However, net losses widened to nearly $42 billion in 2025, up from about $8.3 billion in 2024.
Anthropic is also finalizing a revolving credit facility that will exceed its $10 billion target ahead of the public filing. The company’s rapid financial growth reflects broader investor appetite for AI infrastructure, even as profitability remains a work in progress.
