Anthropic, the company behind the Claude family of AI models, is preparing for what could be one of the most consequential public offerings in tech history. The company filed a confidential draft registration with the SEC on June 1, 2026, and is targeting a listing in November 2026.
Valuation estimates for the offering range from $1.5 trillion to $2 trillion.
The numbers behind the pitch
Anthropic has scheduled pre-IPO updates for select institutional investors, and marketing for the deal could begin as soon as the week of November 9.
Third-quarter 2026 revenue hit $16.8 billion, up approximately 46% from second-quarter revenue of $11.5–11.6 billion.
The annualized revenue run-rate topped $65 billion by mid-2026. Projections put it above $100 billion by year-end.
Anthropic reported a $42 billion net loss for 2025, a figure that includes substantial non-cash items. The company also faces commitments exceeding $518 billion for compute and infrastructure.
From private darling to public test case
Anthropic’s private valuation has climbed rapidly. The company was valued at $380 billion in February 2026. By May 2026, following a $65 billion Series H round, that number stood at $965 billion.
Under CEO Dario Amodei, Anthropic has built its brand around AI safety, positioning itself as the cautious counterweight in a field that often prizes speed.
OpenAI, Anthropic’s most prominent rival, has ruled out an IPO in 2026. That leaves Anthropic as the first frontier AI lab to test public-market appetite directly.
On Kalshi, Anthropic is the only major AI firm expected to announce an IPO in 2026.
What this means for AI and the markets
A strong debut could reset how the market values frontier AI companies. If public investors embrace a valuation in the $1.5 trillion to $2 trillion range, it would hand a pricing benchmark to every AI lab still sitting on the private-market sidelines.
The $42 billion loss for 2025 and the infrastructure commitments exceeding $518 billion raise legitimate questions about long-term profitability.
The projection of a run-rate above $100 billion by year-end will either land as a confirmation of the bull case or a reminder that forecasts are not results.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.