Anthropic Targets Record $2 Trillion IPO for October Debut

AI developer Anthropic is preparing for an initial public offering targeted for late September or early October 2026. The company is seeking a valuation of up to $2 trillion and may attempt to raise as much as $130 billion, which would surpass the record set by SpaceX in June. Anthropic filed confidentially with the Securities and Exchange Commission in June and is working with lead advisers including Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup.

Financial growth has accelerated rapidly, with the company reporting a preliminary second-quarter 2026 revenue of over $11.5 billion and its first quarterly operating profit of approximately $559 million. Its annualized revenue run rate climbed from $47 billion in May to over $65 billion by the end of July. To support this scale, Anthropic has secured massive infrastructure deals with Amazon, Google, and SpaceX, including a $100 billion commitment to Amazon cloud services over the next decade.

Despite the momentum, the company faces significant headwinds. It dealt with a temporary U.S. Commerce Department ban on its Fable 5 and Mythos 5 models in June and is involved in active litigation with the U.S. Department of Defense. To maintain control amid these pressures, CEO Dario Amodei and other co-founders plan to implement a dual-class stock structure with supervoting shares.

Anthropic is positioned to debut ahead of its primary rival, OpenAI, which has also filed confidentially but is not expected to go public until 2027. The company plans to release its formal IPO prospectus after Labor Day.