According to Yahoo Finance, citing three people familiar with the matter, Anthropic could publicly file its S-1 prospectus as early as this Friday (10/24), a key step toward an IPO expected to become the largest in history. The listing of this Claude developer is drawing intense attention, with expected fundraising surpassing SpaceX's IPO in month 6 of this year. As investor doubts deepen over massive AI spending, whether Anthropic can successfully list is seen as a stress test of market enthusiasm.
The timeline was laid out long ago. In month 6 of this year, Anthropic had already secretly submitted a draft IPO application to the U.S. SEC; under the rules, companies making confidential filings must open their documents at least 15 calendar days before the roadshow begins. Once the S-1 is made public as scheduled, it will be just one step away from a listing in month 11, though the final timing remains subject to the market. At that point, ordinary investors will also see its true financials and potential risks for the first time.
Burning cash for growth, valuation anchored at 2 trillion
Underpinning this capital feast is the billions of dollars in infrastructure Anthropic has poured into training and running Claude. Besides its alliances with Google and Amazon, it also rents GPU computing power from SpaceX's Colossus 1. First-half revenue surged to $16.3 billion, but was accompanied by a net loss of more than $80 billion. Wall Street expects the IPO could raise up to $100 billion, implying a valuation as high as $2 trillion.
A more recent signal came from last week's investor day in San Francisco. According to a person familiar with the matter, Anthropic's third-quarter revenue reached $16.8 billion, up further from $11.5 billion in the second quarter; on an adjusted basis, the company has also turned profitable. This trajectory of "growing revenue while narrowing losses" is precisely the biggest confidence it wants to present to the secondary market.
A source also pointed to a knock-on effect: given Anthropic's enormous size, the timing of its IPO launch will affect other companies preparing to debut in the coming weeks. Meanwhile, rival OpenAI, originally expected to go public this year, has now pushed its window to early 2027 — whoever rings the bell first, the capital race between the two AI giants is rewriting the pace.