Anthropic Targets Mega IPO Before Thanksgiving
Anthropic is reportedly targeting a stock-market debut by mid-November, with investors valuing the artificial intelligence company at as much as $2 trillion despite major losses and growing concerns about the AI industry.
Anthropic, the company behind the Claude AI assistant, is reportedly preparing to launch one of the largest technology IPOs ever. The company could begin formally marketing its initial public offering as early as the week of November 9, with the aim of having its shares begin trading before the U.S. Thanksgiving holiday on November 26. The timetable remains subject to change, but Anthropic is still expected to complete its market debut before the end of 2026.
The potential valuation is particularly striking. People familiar with the discussions say prospective investors are considering a valuation between $1.8 trillion and $2 trillion. If Anthropic reaches the upper end of that range, it would become one of the world’s most valuable technology companies and could rival the scale of other record-breaking IPOs. The company is also expected to seek an offering that could match or exceed the size of SpaceX’s enormous 2026 listing.
Anthropic’s rapid revenue growth is one of the main reasons investors are considering such a high valuation. The company’s revenue reportedly reached about $4.6 billion in 2025, compared with approximately $386 million the previous year. However, the company also reported an operating loss of more than $8 billion, while its overall net loss approached $42 billion, largely because of changes in the value of its financial liabilities.
The IPO comes as Anthropic faces both increasing competition and scrutiny over artificial intelligence safety. The company is competing directly with major AI developers including OpenAI, while regulators, governments and researchers are increasingly examining the risks associated with highly capable AI systems. Anthropic’s confidential IPO filing reportedly devoted a substantial portion of its risk disclosures to potential catastrophic or existential risks associated with advanced AI.
Anthropic is also preparing potential investors for the offering through meetings at its San Francisco headquarters, with an investor gathering scheduled for October 14. The company has already experienced several changes to its expected IPO timetable, meaning the November target is not guaranteed. If Anthropic successfully completes the listing before Thanksgiving, however, the offering would become a major test of investor appetite for high-growth AI companies and could have a significant influence on how public markets value the broader AI industry.
