Anthropic PBC is targeting an initial public offering (IPO) that could surpass SpaceX's record-breaking $86.2 billion raise, according to anonymous sources familiar with the company's plans. The AI model maker hopes to file for its IPO by the end of the month, despite ongoing discussions around the offering's size.
TL;DR
- Anthropic aims to file for an IPO by month's end, targeting a raise that could surpass SpaceX's record $86.2 billion.
- The company recently raised $65 billion at a $965 billion valuation, outpacing OpenAI's $852 billion valuation.
- Anthropic's rapid revenue growth and ambitious infrastructure commitments highlight both opportunities and challenges for investors.
What happened
Anthropic PBC is privately targeting an IPO that could surpass SpaceX's record-breaking $86.2 billion raise, with plans to file by the end of the month. Sources familiar with the company's plans told Bloomberg that executives have been discussing the IPO in recent investor briefings, although they refused to comment on valuation.
SpaceX's IPO raised $75 billion in June, with the potential to reach $86.2 billion through an overallotment option. Anthropic's target underlines the significant capital invested in the AI industry, with the company last raising $65 billion in May at a $965 billion valuation, surpassing OpenAI's $852 billion valuation from March.
Anthropic's financials show a net loss of nearly $42 billion in 2025, up from $8.3 billion the previous year, despite a small operating profit in the second quarter. The company's revenue has grown rapidly, with $11.5 billion in sales in Q2, up from $787 million in the same period last year, and a revenue run rate of $65 billion at the end of July.
Why it matters
Anthropic's ambitious IPO target highlights the intense competition in the AI industry, with the company aiming to beat OpenAI to the public market. Both companies have filed confidentially for their listings, but Anthropic is pushing to complete its IPO sooner, while OpenAI's CEO Sam Altman is reportedly considering a delay until 2027.
The massive infrastructure commitments required to run AI models present both opportunities and challenges for investors. Anthropic has agreed to a three-year deal with SpaceX for computing resources worth tens of billions of dollars, underscoring the high costs of training and running frontier models.
Anthropic's rapid revenue growth and ambitious IPO target may attract investors, but the company's significant financial losses and infrastructure commitments also pose risks. The outcome of Anthropic's IPO will have implications for the broader AI industry and the valuation of other AI startups.
Key facts
- Anthropic aims to file for an IPO by the end of the month, targeting a raise that could surpass SpaceX's record $86.2 billion.
- SpaceX's IPO raised $75 billion in June, with the potential to reach $86.2 billion through an overallotment option.
- Anthropic last raised $65 billion in May at a $965 billion valuation, surpassing OpenAI's $852 billion valuation from March.
- Anthropic posted a net loss of nearly $42 billion in 2025, up from $8.3 billion the previous year, despite a small operating profit in Q2.
- Anthropic's revenue grew to $11.5 billion in Q2, up from $787 million in the same period last year, with a revenue run rate of $65 billion at the end of July.
- Anthropic has agreed to a three-year deal with SpaceX for computing resources worth tens of billions of dollars.
- Anthropic is working with banks including Morgan Stanley, Goldman Sachs, and JPMorgan Chase on its IPO.
- Anthropic's CEO and co-founders are reportedly considering giving themselves 'super-voting' shares to retain control over the company.
Context
Anthropic's ambitious IPO target comes as the AI industry continues to attract significant investment, with companies racing to develop and deploy advanced AI models. The high costs of training and running these models present both opportunities and challenges for investors, as the industry's leaders vie for dominance.
The outcome of Anthropic's IPO will have implications for the broader AI industry, as investors assess the valuation and growth prospects of other AI startups. The intense competition between Anthropic and OpenAI highlights the stakes involved in the race to develop and commercialize advanced AI technologies.
As Anthropic and other AI startups push the boundaries of what's possible with AI, the industry's leaders will need to navigate a complex landscape of opportunities and challenges. The massive infrastructure commitments required to run AI models, as well as the intense competition among industry players, will shape the AI industry's trajectory in the years to come.
