Anthropic Prepares IPO Targeting Record $75 Billion Raise

Artificial intelligence developer Anthropic is preparing an initial public offering that could match or surpass SpaceX’s record-setting $75 billion transaction, with a public SEC filing expected as early as the end of this month, as first reported by The Next Web.

Chief Financial Officer Krishna Rao has been conducting briefings with potential investors ahead of the offering. While executive talks have steered clear of specifying an exact valuation target, the company is aligning its preparations with a debut scale that equals or exceeds SpaceX's benchmark raise from June. Notably, Anthropic maintains a commercial relationship with SpaceX, purchasing compute capacity under a multi-year deal potentially valued in the tens of billions over three years.

The planned stock market listing comes amid rapid top-line growth offset by substantial operational burn. Anthropic generated preliminary second-quarter revenue exceeding $11.5 billion, a steep rise from $787 million recorded during the corresponding period a year earlier. By the close of July, the company's annualized revenue run rate reached $65 billion. Although adjusted operating income turned positive in the second quarter, Anthropic logged a net loss of nearly $42 billion in 2025, roughly five times its $8.3 billion loss in 2024.

Investor appetite for the massive offer is being tested against aggressive long-term financial models. According to reporting from The Next Web, internal management projections forecast annual revenues reaching between $190 billion and $200 billion by 2028, supporting a potential market valuation near $2 trillion.

Wall Street investment banks Morgan Stanley, Goldman Sachs, and JPMorgan are managing the listing process. In tandem with the IPO preparations, Anthropic is finalizing a revolving credit facility anticipated to surpass its initial $10 billion target.

Anthropic's timeline puts it ahead of chief rival OpenAI in the public market push. While both generative AI leaders previously submitted confidential IPO paperwork, OpenAI has pushed its target public debut to 2027. Anthropic previously raised $65 billion in private capital in May at a $965 billion valuation, while OpenAI raised $122 billion in March at an $852 billion valuation.

A transaction of this scale would reshape the annual equity capital market landscape. Total U.S. IPO proceeds reached $160.6 billion through August 19, approaching the record $195.2 billion raised across all of 2021 and including major offerings such as SK Hynix's $26.5 billion American depositary receipt transaction.

Despite the substantial capital sought, prospective public investors may receive limited corporate governance influence. Anthropic is evaluating a dual-class share structure featuring super-voting stock for Chief Executive Officer Dario Amodei, who holds approximately 2% of equity, alongside his co-founders.