The AI giant could raise as much as $100bn in what may become the largest IPO on record. It is also close to securing a $15bn credit line, giving it additional financial flexibility as spending on computing capacity soars.
Anthropic CEO Dario Amodei co-founded the company with his sister Daniela and other former OpenAI employees in 2021. Photo: Chesnot/Getty Images
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Anthropic has reportedly pushed back its planned IPO by several weeks. According to Reuters, the US developer behind Claude now plans to publish its prospectus in late September and begin marketing the offering to investors in mid-October at the earliest. Trading could begin in early November.
Investors are discussing a valuation of up to $2tn. The Wall Street Journal has also reported that Anthropic could raise as much as $100bn. That could see the company set new records for both valuation and the amount raised. The exact timetable has yet to be determined.
Anthropic itself has so far confirmed only that it submitted a draft registration statement confidentially to the US Securities and Exchange Commission (SEC) on 1 June. Such a filing allows companies to have the document reviewed by regulators before publishing financial figures and other details. The number of shares to be offered and the issue price have not yet been set.
From $380bn to $2tn
Anthropic’s potential valuation has risen severalfold in a matter of months. In February, the company raised $30bn, lifting its valuation to $380bn. A further funding round of $65bn followed in late May, valuing Anthropic at $965bn.
Bankers and investors are now discussing a valuation of up to $2tn for the upcoming IPO. That could see Anthropic surpass the record set by SpaceX. Elon Musk’s space and technology company raised $75bn when it went public in June 2026, at a valuation of around $1.77tn, making it the largest IPO in US history.
According to the Wall Street Journal, Anthropic could raise as much as $100bn through the IPO. No final decision has yet been made on either the size of the offering or the valuation. The company has also yet to choose between Nasdaq and the New York Stock Exchange. Morgan Stanley and Goldman Sachs are expected to take leading roles in the deal.
Revenue Growth Drives Valuation
Anthropic expects annual revenue of around $190bn to $200bn in 2028, according to Reuters. Bankers and investors are already factoring that forecast into the company’s valuation, relying on projections further into the future than is typical for fast-growing software companies.
Claude Code has become one of the key drivers of Anthropic’s rapid expansion among business customers. Photo Illustration: Thomas Fuller/SOPA Images/LightRocket via Getty Images
By the end of July, annualized revenue – the company’s current revenue extrapolated over a full year – stood at more than $65bn. To meet its 2028 forecast, Anthropic would therefore need to roughly triple that figure. Its growth is being driven primarily by business customers and its Claude Code programming tool.
$15bn Credit Facility
Alongside its IPO preparations, Anthropic is close to finalizing a $15bn revolving credit facility. The arrangement allows the company to borrow as needed, repay the money and then draw on the facility again later.
The company had originally sought around $10bn. Last year, Anthropic had a five-year credit facility of $2.5bn. Morgan Stanley is leading the bank consortium, with Goldman Sachs, JPMorgan Chase and Citigroup also playing prominent roles.
The credit facility gives Anthropic additional financial flexibility as it pours enormous sums into computing capacity. In April, Anthropic agreed with Amazon to secure up to 5 GW of additional computing capacity and committed to spending more than $100bn on Amazon Web Services (AWS) technologies over the next 10 years.
Anthropic also has capacity agreements with Google and chipmaker Broadcom as well as SpaceX. The company uses a range of hardware platforms and data centers to meet rapidly growing demand for Claude.
Prospectus Due in Late September
Finalizing the credit facility is among the remaining steps before publication of the prospectus. Analysts from the banks involved are then expected to meet with Anthropic. The document is currently expected to be made public in late September.
Only then will investors get a detailed look at the finances of the privately held company. Until then, the potential valuation of up to $2tn, the possible $100bn offering and the exact timing of the IPO are based on discussions with bankers, investors and people familiar with the preparations.
Anthropic itself has confirmed neither the valuation nor the size of the offering.
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