Anthropic targets November IPO at potential $2T valuation
What's the story
Anthropic, the developer of Claude, is gearing up for its initial public offering (IPO) in November. The company had previously planned to go public in October but has pushed the date back. According to The Wall Street Journal, this delay will give Anthropic time to present its third-quarter financial results to potential investors.
Potential valuation
Potential $100 billion IPO
The delay in Anthropic's IPO also comes as investors discuss a deal that could value the company at around $2 trillion and raise up to $100 billion.
If successful, this would be one of the largest public offerings on record.
However, it's important to note that these numbers are still being discussed and are subject to change based on market conditions and investor demand.
Market evaluation
Investor meetings to gage demand
Ahead of finalizing the terms of its proposed sale, Anthropic will hold investor meetings to gage demand.
These potential shareholders are likely to examine the company's revenue growth, computing costs, customer concentration, and spending required to train and operate advanced AI models.
This is all part of a process that will determine the final valuation and proceeds from the IPO.
Financial growth
Impressive revenue growth
By the end of July, Anthropic's annualized revenue had surpassed $65 billion, up from about $9 billion at the end of 2025.
This figure indicates the company's revenue pace at a given point in time rather than what it has already collected over a year.
Investors expect this total to exceed $100 billion by the end of 2026, driven largely by Claude subscriptions and business contracts.
Future outlook
Infrastructure expansion in the pipeline
Anthropic has projected a revenue of about $190 billion to $200 billion for 2028. However, these long-range forecasts can change with product demand, pricing, and computing expenses.
To meet this demand, the company is also expanding its infrastructure significantly.
By the end of 2026, it expects to have access to some five gigawatts of computing capacity, nearly double that by the end of 2027.
Safety measures
AI safety concerns raised by CEO Amodei
Despite preparing to sell shares to public investors, Anthropic's CEO Dario Amodei continues to advocate for tighter controls on advanced AI.
He has called on AI developers to slow down the release of increasingly capable systems while governments and companies strengthen safety measures.
This position could impact potential shareholders as slower model releases could slow commercial growth but reduce risks associated with deploying systems without adequate testing.