Anthropic is delaying its planned IPO and is expected to start marketing the offering in mid-October at the earliest. According to people familiar with the matter, the listing could take place days before the US midterm elections in November.
The Claude-maker is likely to make its IPO prospectus public only in late September, rather than next week as previously decided. The prospectus would move Anthropic into the final stages of its public offering.
The revised timeline pushes back an offering that some investors believe could value Anthropic at about USD 2 trillion. Such a listing would rank among the largest IPOs ever attempted and put public-market demand for the fast-growing AI industry in focus.
The timing could still change as Anthropic works through market conditions, regulatory reviews and other preparations.
Anthropic is also expected to be among a group of AI companies attracting investor attention as they consider public listings. Potential listings from companies including OpenAI could come around the same period. Elon Musk’s SpaceX went public in June at a record valuation of USD 1.77 trillion.
Another part of Anthropic’s preparations involves a USD 15 billion revolving credit facility. The company is looking to finalize the facility before analysts, including those at banks involved in the financing, meet with Anthropic.
Bloomberg previously reported that Anthropic was in talks to expand the facility to USD 15 billion. Analyst meetings normally take place several weeks before an IPO prospectus becomes public.
Sources suggest that Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO.
Anthropic’s potential valuation is also being assessed against its expected growth. Two people familiar with the company’s financials told Reuters that Anthropic is forecasting revenue of about USD 190 billion to USD 200 billion in 2028.
This compares with the USD 47 billion revenue run rate the company disclosed in May. Bankers and investors are using enterprise value-to-revenue multiples on projected figures to assess the company’s potential worth.
Anthropic’s IPO preparations are timed after an improvement in its relationship with the Trump administration. Commerce Secretary Howard Lutnick said this week that the administration now trusts Anthropic.
Also Read: Howard Lutnick Says US Government Trusts Anthropic After Months of Disputes
Lutnick told Axios, when asked about confidence in CEO Dario Amodei: “We trust Anthropic. They’ve done what we asked. They’re back on the right side. So the answer is: Yes.”
The comments mark a reversal from earlier tensions over AI safety protocols and national defense boundaries.
The market will be watching closely to see whether Anthropic can turn its rapid revenue growth and ambitious USD 2 trillion valuation into one of the biggest AI IPOs yet.