Anthropic expects its initial public offering could match SpaceX’s record IPO size and could file publicly as early as the end of this month, Bloomberg reported.
The company hosted an investor presentation led by chief financial officer Krishna Rao, but did not discuss valuation.
SpaceX raised US$75 billion (HK$585 billion) in its recent IPO, making it the largest IPO in history. After including the over-allotment option typically exercised when share prices rise in early trading, the final offering size increased to US$86.2 billion.
Anthropic's IPO discussions are still ongoing, and the offering size and other details remain subject to change. The company did not immediately respond to requests for comment.
Anthropic raised US$65 billion in May this year at a valuation of US$965 billion, surpassing rival OpenAI's post-funding valuation of US$852 billion following its financing round in March.
However, its filings show that although Anthropic recorded an adjusted operating profit in the second quarter of this year, its net loss for 2025 was around US$42 billion — roughly four times the approximately US$8.3 billion loss recorded in 2024. Anthropic's preliminary second-quarter revenue exceeded US$11.5 billion, far higher than the US$787 million reported in the same period of 2025. As of the end of July this year, the company's annualized revenue had reached US$65 billion.
The report noted that Anthropic and its rivals all face high costs in developing advanced AI systems. Training frontier models requires massive computing resources. One of Anthropic's computing capacity agreements with SpaceX could be worth tens of billions of dollars over the next three years.
Anthropic is also preparing to finalize a revolving credit facility, with the size expected to exceed the original target of approximately US$10 billion.
Anthropic is on track to go public earlier than OpenAI, which is currently planning to list in 2027. Both companies have filed confidentially for their listings. Anthropic is working with Morgan Stanley, Goldman Sachs, and JPMorgan on its IPO, and other banks may be added later.
According to reports, Anthropic is considering adopting a super-voting share structure that would allow chief executive Dario Amodei, who holds about 2 percent of the stake, and other co-founders to maintain significant control over the company after the listing.
If Anthropic's IPO surpasses SpaceX in size, 2026 could become the highest-grossing year for US IPO proceeds on record. As of August 19, newly listed companies this year have raised a total of US$160.6 billion, second only to the record US$195.2 billion set in 2021.
