Anthropic Targets Record $2 Trillion IPO for October

AI developer Anthropic is preparing for an initial public offering targeted for late September or October 2026. The company aims to raise up to $100 billion, with backers projecting a valuation between $2 trillion and $3 trillion. This would surpass the record set by SpaceX in June 2026. Anthropic confidentially filed 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 been aggressive, with an annualized revenue run rate climbing from $9 billion at the end of 2025 to over $65 billion by July 2026. The company reported preliminary second-quarter revenue exceeding $11.5 billion and its first quarterly operating profit of approximately $559 million. To sustain this growth, Anthropic has secured massive infrastructure deals, including a $100 billion commitment to Amazon Web Services and a $200 billion spending plan with Alphabet Inc. over five years. Nvidia Inc. is currently in discussions to serve as an anchor investor with a potential $10 billion commitment.

Despite the momentum, the company faces significant headwinds. It is involved in litigation with the U.S. Department of Defense and faced a temporary ban on its Fable 5 and Mythos 5 models in June due to U.S. Commerce Department export controls. To maintain control amid these pressures, Anthropic plans to implement a dual-class stock structure granting CEO Dario Amodei and other co-founders supervoting shares. The company is also diversifying its hardware strategy by hiring former Google executive Amir Salek to lead in-house semiconductor development.