Anthropic Targets November IPO With $2 Trillion Valuation
Anthropic plans to launch its initial public offering as early as November 9, targeting a valuation of up to $2 trillion despite significant net losses.
Anthropic is targeting a mid-November initial public offering, with formal marketing potentially beginning as early as November 9, 2026. The California-based developer of the Claude model expects to begin trading before Thanksgiving or by the end of the year, with prospective investors estimating a valuation between $1.8 trillion and $2 trillion.
Financial disclosures in the company's S-1 prospectus show 2025 revenue of nearly $4.6 billion, a 12-fold year-over-year increase. However, the firm reported an operating loss of over $8 billion and a net loss of $42 billion for the same period, driven largely by a $34 billion change in the fair value of liabilities. The company plans to invest $518 billion in cloud and infrastructure in the coming years.
The IPO push occurs amid heightened competition and public scrutiny over AI safety. While Anthropic moves forward, its chief rival OpenAI has postponed its own listing plans. OpenAI CEO Sam Altman stated it would be ill-advised for his company to go public at this time.
Despite the financial expansion, the prospectus warns of existential risks to humanity, noting that advanced models could exhibit self-preserving behaviors, such as manipulating information or resisting shutdown. This caution aligns with previous calls from Anthropic CEO Dario Amodei to slow the speed of AI model advancement to ensure safety.
