Anthropic’s long-awaited public debut is taking shape as one of the most ambitious offerings in stock market history. Reuters reported on Sept. 28 that it had reviewed the AI company’s IPO prospectus, which sketches a public sale that could value Anthropic at more than $2 trillion — more than double the $965 billion valuation the company carried after a $65 billion Series H round in May. The Anthropic IPO $2 trillion bid would rank among the largest listings on record, landing just as the company’s annualized revenue run rate has topped $100 billion, according to The New York Times via Bloomberg.
The listing itself is now targeted for November 2026, The Wall Street Journal reported on Sept. 18, citing unnamed sources — a delay from the October debut many investors had expected. Reuters separately reported that the listing is likely to come after the U.S. midterm elections in November, later than the pre-midterm timing it had reported on Sept. 4. As of Sept. 28, no public IPO registration statement was available on the SEC’s EDGAR database, according to market coverage of the Reuters exclusive.
Anthropic IPO $2 trillion: what the prospectus reveals
According to the Reuters exclusive, Anthropic’s prospectus positions AI as a force that could reshape the global economy more profoundly than industrialization, electricity and the internet. But the financial burden behind that ambition is staggering: the company reported a net loss of $42 billion in 2025, alongside planned cloud, computing and infrastructure obligations of $518 billion in coming years.
Revenue grew 12-fold in 2025 to nearly $4.6 billion, per the prospectus, even as the company lost more than $8 billion on an operating basis, excluding writedowns of liabilities tied mostly to earlier fundraising. Most of the net loss — about $34 billion — came from an accounting charge linked to the rising estimated value of financing that could eventually convert into Anthropic shares, rather than cash spent on day-to-day operations.
The documents also detail where the money goes. Anthropic spent $7.33 billion on compute and infrastructure last year, triple the 2024 figure and more than half of its $12.65 billion in total operating expenses. The company ended 2025 with $20.28 billion in cash, cash equivalents and short-term investments. On the risk side, Anthropic warns that nearly a quarter of its revenue comes from just two customers, and that many of its largest clients are not bound by long-term contracts and could reduce or halt spending. Market coverage of the filing also notes that Anthropic’s founders are seeking to retain majority voting control.
For the full breakdown of the prospectus figures, see Reuters’ exclusive report on the IPO prospectus.
From $9 billion to $100 billion: the revenue run rate story
The case for the Anthropic IPO $2 trillion valuation rests on one of the fastest revenue ramps in technology history. The New York Times reported on Sept. 18, via Bloomberg, that Anthropic’s annualized revenue run rate topped $100 billion in mid-September — up from $65 billion at the end of July, $47 billion in May, and roughly $9 billion at the end of 2025. That is roughly an 11-fold increase in under nine months.
PYMNTS, aggregating the Sept. 18 reporting, noted that the revenue trajectory is central to how underwriters will pitch the deal: a company compounding revenue at that pace can credibly ask public investors to look past today’s losses. Anthropic also told investors it expected positive adjusted operating income for a second consecutive quarter, excluding stock-based compensation, according to market reports earlier in September.
Research firm SemiAnalysis projected in August that Anthropic’s third-quarter EBIT could cross $1 billion — an analyst projection, not a confirmed result. If it materializes, it would mark the first time a frontier AI lab has shown it can turn the economics of training and serving large models genuinely profitable, a milestone Silicon Valley has been waiting years for.
Why the IPO moved to November
The shift from October to November is a scheduling decision with a financial purpose. The Journal’s sourcing indicates Anthropic wants a completed third quarter of results in hand before it prices the offering, giving institutional investors a fresher dataset than a September or October debut would allow. The S-1 registration statement itself was confidentially filed with the SEC on June 1, 2026 — a step Anthropic confirmed publicly — and earlier reports had expected the filing to go public in October.
The later window also places the listing after the midterm elections, reducing one source of market noise around pricing. And it sets up a direct comparison with rival OpenAI, which remains private: Anthropic rolled out its new Opus 5.5 model on Sept. 22 to counter OpenAI’s momentum since the launch of GPT-6 Astra, according to Reuters — a product-cycle skirmish that underwriters will want visible in the numbers.
Nvidia’s possible $10 billion anchor role
One of the most-watched open questions is the role of Nvidia. Reuters reported on Sept. 11 that the chipmaker was in talks to invest up to $10 billion as an anchor investor in Anthropic’s IPO. As of the latest reporting, those terms remained under negotiation and unconfirmed — but a commitment of that size from the company whose GPUs power most of Anthropic’s compute would be the single most scrutinized line in the final prospectus.
Nvidia’s entanglement with the AI buildout extends well beyond Anthropic: the chipmaker is simultaneously fighting to keep selling into China, where Beijing is weighing approval for Chinese firms to buy its new RTX PRO 5500 AI GPU. A public Anthropic, flush with up to $100 billion in IPO proceeds, would be one of Nvidia’s most important customers for years.
OpenAI sits out 2026
Anthropic will have the 2026 IPO stage largely to itself. OpenAI CEO Sam Altman said on Sept. 11 that OpenAI’s IPO will not happen in 2026; the company is instead discussing funding rounds targeting roughly a $1.2 trillion valuation, with a public listing now expected in 2027, according to reports. OpenAI confidentially filed its own IPO paperwork in June, per market coverage.
That sequencing matters for investors. Anthropic’s debut would set the first public-market benchmark for a pure-play AI lab — the number every subsequent AI listing, including OpenAI’s, would be measured against. SpaceX’s June 2026 listing, which valued the company at $1.77 trillion with shares jumping 19% on debut before settling around $147, offers the closest reference point for how a mega-IPO trades after pricing, though AI and chip stocks have sold off in recent weeks, raising questions about appetite for lofty tech valuations.
What to watch next
Three milestones will define the final stretch. First, the confidential S-1 is expected to go public in October — that filing will contain the audited numbers, the full accounting treatment of stock-based compensation, and the definitive disclosure of cloud commitments that investors need to judge the $2 trillion ask. Second, Anthropic’s third-quarter results will test whether the SemiAnalysis projection of $1 billion-plus EBIT holds. Third, markets will watch whether Nvidia’s anchor investment is confirmed by name in the prospectus.
Until then, everything remains reported rather than announced: no share count, no exchange, no pricing range, and no confirmed date. But with a prospectus now in Reuters’ hands and a November window taking shape, the Anthropic IPO $2 trillion story has moved from speculation to the final countdown.
Frequently asked questions
When is the Anthropic IPO?
The company is targeting a November 2026 listing, The Wall Street Journal reported on Sept. 18 — later than the October date investors had expected. Reuters separately reported the debut is likely to come after the November midterm elections. Neither date has been confirmed by Anthropic.
What valuation is the Anthropic IPO targeting?
Reports put the target at more than $2 trillion, which would more than double Anthropic’s own estimated $965 billion valuation from its May Series H round and rank among the largest IPOs on record.
What does Anthropic’s IPO prospectus show?
According to Reuters, which reviewed the prospectus: 2025 revenue of nearly $4.6 billion (12-fold growth), a $42 billion net loss driven mostly by a $34 billion accounting charge on convertible financing, an operating loss above $8 billion, and $518 billion in planned cloud and infrastructure obligations.
Has Anthropic’s S-1 been made public?
Not yet. Anthropic confidentially filed its draft S-1 on June 1, 2026. As of Sept. 28, no public registration statement appeared on the SEC’s EDGAR database; earlier reports expected the filing to go public in October.
