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Technology

Anthropic targets blockbuster November IPO at up to $2tn valuation

Anthropic is reportedly targeting a stock-market listing before Thanksgiving at a $1.8tn–$2tn valuation, matching or beating the SpaceX offering, despite burning through almost $42bn in 2025.

By Tom Ellery · · 1 min read

Anthropic is targeting a stock-market listing before Thanksgiving, people familiar with the matter told Bloomberg, in a blockbuster listing.

Formal marketing of the offering could begin in the week of 9 November, with trading expected before Thanksgiving Day on 26 November, according to the report, published by the New York Post on 1 October and the Business Times on 2 October. The sources cautioned that the talks are internal and remain subject to change, and the company is expected to list no later than the end of 2026.

Anthropic has discussed a prospective-investor valuation of $1.8tn to $2tn with would-be backers, the people said, and the float is expected to match or beat the size of SpaceX’s initial public offering. The company will meet prospective investors at its San Francisco headquarters on 14 October.

The reported figures come alongside heavy losses: Anthropic’s net loss reached almost $42bn in 2025, up from about $8.3bn a year earlier, while revenue grew to nearly $4.6bn from $386m. More than $34bn of the loss was a fair-value accounting charge, and the operating loss exceeded $8bn.

The listing push comes as rival OpenAI has postponed its own planned IPO, according to the reports.

Sources

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