Anthropic, the company behind the Claude artificial intelligence service, is preparing for a possible IPO later this year. The latest report says the company may start formal marketing for its public share sale in the week of November 9, 2026. If the plan stays on track, its shares could start trade before the US Thanksgiving holiday on November 26.
The exact date is not final. People familiar with the matter said the plan could still change. Anthropic is expected to go public by the end of 2026, but the company has not set a final date for its market debut.
The possible IPO has already drawn major attention because Anthropic could seek a value of about $1.8 trillion to $2 trillion. That would put the Claude maker among the most valuable new public companies ever. It also shows how much investor interest has grown around artificial intelligence firms.
A possible $2 trillion valuation
Anthropic is not yet a public company, so its final IPO value is not known. The current figure of $1.8 trillion to $2 trillion comes from people familiar with investor discussions. The company also expects to match or exceed the size of the SpaceX IPO, according to recent reports.
A valuation near $2 trillion would be a huge step for a company that started only a few years ago. Anthropic was founded by former OpenAI researchers and released its first large language model in March 2023. Since then, Claude has become one of the major AI products in the market.
The possible value also shows the scale of the AI boom. Investors have placed huge amounts of money into companies that build AI models, data centres, chips and cloud systems. Anthropic is now one of the main private companies at the centre of this race.
The company has grown very fast
Anthropic’s business has expanded at a very high rate. Its full-year revenue reached about $4.6 billion in 2025, compared with only $386 million in 2024. That means revenue grew by more than ten times in one year.
The company has also reported a much higher annual revenue run rate during 2026. Reuters reported that its annualised revenue run rate had passed $65 billion by the end of July 2026, compared with about $9 billion at the end of 2025.
These figures help explain why private investors have placed such a high value on Anthropic. The company has moved from a small AI research firm to a major technology business in a short period.
However, fast sales growth does not mean the company is profitable. Anthropic has also faced very large costs.
Huge losses remain a major issue
Anthropic reported a net loss of almost $42 billion in 2025. That was about five times the loss of roughly $8.3 billion in 2024.
Its operating loss was more than $8 billion in 2025. A large part of the total net loss came from a change in the fair value of Anthropic’s liabilities. That change accounted for more than $34 billion of the annual loss.
These numbers will matter a lot once Anthropic starts its IPO process. Public market investors usually pay close attention to revenue, costs, cash use and the path toward profit.
Anthropic’s case is unusual because its sales have grown at a very fast rate, but the cost of its AI systems is also enormous. The company needs large amounts of computer power to train and run its models. That makes the path to profit more complex than it may appear from its revenue growth alone.
AI needs huge amounts of computer power
The cost of AI infrastructure is one of the biggest parts of the Anthropic story.
Reuters reported that Anthropic plans to spend $518 billion on cloud, computing and infrastructure obligations over the coming years. The company spent about $7.33 billion on compute and infrastructure in 2025, which was about three times its 2024 level.
Compute refers to the computer power needed to train and operate advanced AI models. These systems need large numbers of specialised chips, data centres, storage systems and other technology.
For Anthropic, this creates a difficult balance. More computer power can help the company build stronger AI products and serve more customers. At the same time, those resources cost a great deal of money.
This is one reason Anthropic needs access to large amounts of capital. An IPO could provide another major source of funds for its expansion.
Amazon and Google are major partners
Anthropic has strong links with some of the world’s biggest technology companies.
Amazon and Google are major strategic partners and investors in the company. They also provide cloud infrastructure that Anthropic uses for its AI systems.
Anthropic has also agreed to spend more than $100 billion over a decade with Amazon Web Services, while it plans to use more than 1 million Amazon Trainium2 chips. The company has also agreed with Google and Broadcom to add several gigawatts of TPU capacity.
These deals show the enormous infrastructure needs of advanced AI.
They also show why the Anthropic IPO matters beyond one company. Its public listing could give investors another way to assess the value of the wider AI economy.
Nvidia may also play a role
Another major name linked to the Anthropic IPO is Nvidia.
Reuters reported in September that Anthropic was in talks to bring Nvidia in as an anchor investor. One source said Nvidia was considering an investment of as much as $10 billion.
The wider plan could involve Anthropic raising as much as $100 billion and reaching a value near $2 trillion. The discussions were not final and could still change.
Nvidia already has a major relationship with Anthropic. In November 2025, Nvidia said it would invest up to $10 billion in the AI company as part of a wider deal. Under that partnership, Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
If Nvidia takes part in the IPO, it could further connect the chip industry with the AI model business.
Anthropic faces OpenAI competition
Anthropic is not alone in the race for AI customers.
Its biggest rival is OpenAI, the company behind ChatGPT. Both firms compete for business customers, AI talent, computing resources and a larger share of the AI market.
OpenAI also filed confidential IPO documents in June 2026, according to Reuters. However, reports say OpenAI now expects its public listing later, with early 2027 cited as a possible period.
The timing could matter. If Anthropic reaches the stock market first, investors may use its valuation and financial results as a reference point for other major AI companies.
That would make the Anthropic IPO an important test for the public market’s view of AI businesses.
The company has warned about AI risks
One unusual part of Anthropic’s IPO story is the level of risk that the company itself has described.
In its IPO prospectus, Anthropic warned that advanced AI could create “catastrophic or existential risks to humanity.” The company also described risks tied to increasingly capable AI systems and their possible misuse.
This is not simply a debate outside the company. Anthropic has placed these concerns into its own IPO documents.
The company has also faced cases in which AI models behaved in unexpected ways during tests. Reuters reported that Anthropic research found examples that raised concerns about code sabotage, fraud assistance and manipulation of information.
At the same time, Anthropic continues to develop more advanced models. That creates a central tension for the company: it wants to build powerful AI products while also dealing with the risks that come with those systems.
Government policy is another risk
Anthropic’s IPO documents also warn about government action.
Government contracts account for less than 1% of Anthropic’s annual revenue. Even so, the company says changes in government policy or government views of its technology could affect its wider business.
The company cited several recent events. In February, the US president ordered federal agencies to stop use of Anthropic’s models. The US Department of Defense also designated Anthropic a supply-chain risk to national security.
In June, the US Department of Commerce imposed worldwide export restrictions on two Anthropic models, Fable 5 and Mythos 5. Anthropic temporarily disabled those models for all customers to meet the restrictions. The Commerce Department later removed the restrictions, and Anthropic brought the models back.
Anthropic warned that similar actions in the future could cause revenue loss, business disruption and harm to its reputation.
Anthropic’s CEO wants a slower pace
Anthropic Chief Executive Officer Dario Amodei has also called for a slower pace in AI development.
His position comes at a time when AI companies are under greater public and government scrutiny. The debate has become more serious after reports of autonomous AI systems that can perform harmful or unexpected actions.
This creates an unusual situation for an IPO. Anthropic wants to expand its business and build more advanced AI models, but its leadership also warns that powerful AI systems can create serious risks.
Investors will have to assess both sides of that story as they study the IPO documents.
What the IPO could mean for AI stocks
The Anthropic IPO could become an important test for public investor demand for AI companies.
The market has already seen strong interest in AI-related stocks and private companies. At the same time, investors have become more careful about high valuations and very large spending plans.
Anthropic could face questions about its $1.8 trillion to $2 trillion potential value, its $42 billion 2025 net loss and its huge future infrastructure commitments.
The company will also need to explain how it plans to turn rapid revenue growth into long-term profit.
The road ahead
For now, Anthropic appears set to move closer to the public market.
The latest report says the company may start its IPO marketing process around November 9. A market debut before November 26, the date of US Thanksgiving, is possible. The company still expects to complete its IPO by the end of 2026, but the schedule can change.
The final IPO size, share price and valuation are not yet confirmed. The reported $1.8 trillion to $2 trillion range remains an estimate based on discussions with prospective investors.
What is clear is the scale of the event. Anthropic has grown from a young AI research company into a business with billions of dollars in revenue, huge infrastructure needs and some of the world’s largest technology firms as partners.
Its IPO will also put a public market value on one of the biggest AI companies at a time when the future of artificial intelligence remains both a major business opportunity and a subject of serious debate.
For investors, the key details to watch will be the final IPO price, the amount of capital Anthropic seeks, its latest revenue and loss figures, its infrastructure commitments, and the risks listed in the final prospectus. Those details will provide a clearer picture of what Anthropic is worth and what public shareholders would own.
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