Anthropic is targeting an IPO the size of the largest ever

Anthropic expects its IPO to match or exceed SpaceX’s record $75bn raise, and could file publicly as soon as the end of this month. It made a net loss of almost $42bn in 2025, five times the year before.

Anthropic expects its stock market debut to match or beat the largest one ever held. SpaceX raised $75bn in June, and people familiar with Anthropic’s preparations say it is working towards that scale or above it.

A public filing could arrive within weeks. Investor briefings led by chief financial officer Krishna Rao have avoided the question of valuation, and the company could file as soon as the end of this month.

The comparison with SpaceX is not only about size. Anthropic buys computing capacity from SpaceX under an agreement that could be worth tens of billions over three years, so it would be matching the listing of one of its own suppliers.

The revenue growth behind the ambition is real. Preliminary second quarter revenue passed $11.5bn against $787mn in the same period last year, and the annualised run rate reached $65bn by the end of July.

The losses are the other half of the page. Anthropic recorded a net loss of almost $42bn in 2025, roughly five times the $8.3bn it lost in 2024, though adjusted operating income was positive in the second quarter.

What investors are being asked to price is a forecast. TNW reported this week that a valuation approaching $2tn rests on internal projections of $190bn to $200bn of revenue in 2028.

The banks are in place. Morgan Stanley, Goldman Sachs and JPMorgan are working on the listing, and a revolving credit facility is set to close above its $10bn target.

Anthropic is also winning the race it is in. Both it and OpenAI have filed confidentially, and OpenAI is now looking at 2027.

The private rounds already told this story. Anthropic raised $65bn in May at a $965bn valuation, having passed OpenAI, which raised $122bn in March at $852bn.

A listing this size would reset the year. US IPOs have raised $160.6bn through 19 August against the record $195.2bn of 2021, in a year that already includes SK Hynix raising $26.5bn through American depositary receipts.

What buyers would not get is a say. Anthropic is considering super-voting shares for Dario Amodei, who holds about 2% of the company, and his fellow founders.

Story by Ana-Maria Stanciuc

Editor-in-Chief

I am the Editor in Chief for TNW, covering technology not as a parade of launches and valuations, but as a system of influence, persuasion, (show all) I am the Editor in Chief for TNW, covering technology not as a parade of launches and valuations, but as a system of influence, persuasion, and change. I write about startups, venture capital, digital policy, and Europe ecosystem, with an eye on the larger story beneath them: who gets to build the future, who profits from it, and how Europe is learning to speak in a louder voice of its own. Before moving into senior editorial leadership, I've built my career for over +10 years across journalism, storytelling, content strategy, SEO, and digital publishing, with experience in SaaS, hospitality, art, and culture.