Anthropic Eyes $2 Trillion IPO as AI Competition Intensifies

Anthropic, the artificial intelligence company behind Claude, is reportedly preparing for a major initial public offering that could value the company at around $2 trillion. If that valuation is achieved, the listing would rank among the largest IPOs ever and could surpass the scale of several recent technology market debuts.

The company’s IPO timetable has recently shifted. According to people familiar with the plans, Anthropic is now expected to begin marketing the offering no earlier than mid-October 2026, while its prospectus could be released toward the end of September. The listing is reportedly being targeted for shortly before the U.S. midterm elections in November, although the schedule remains subject to change.

Anthropic’s rapidly growing business is one of the major factors behind the enormous valuation being discussed. Reports indicate that the company’s annualised revenue had reached approximately $65 billion by July, although that figure was reportedly below some investor expectations. The company has also been committing enormous sums to computing infrastructure as it works to meet demand for Claude and compete with other leading AI developers.

The proposed listing is also attracting attention because of Anthropic’s unusual corporate governance structure. The company’s Long-Term Benefit Trust is designed to protect its long-term mission and has significant influence over the board. As Anthropic prepares to enter public markets, investors are expected to closely examine how the company balances its commercial ambitions with its stated focus on developing AI responsibly.

If the IPO goes ahead near the reported valuation, it would become a major test for investor confidence in the AI sector. Public markets would provide the first continuous market-based assessment of Anthropic’s value, rather than relying primarily on private funding rounds. With rivals such as OpenAI also pursuing aggressive expansion, Anthropic’s eventual debut could become an important indicator of whether investors believe the enormous valuations attached to leading AI companies can be supported by long-term revenue growth.