Anthropic PBC is moving ahead with plans for a stock market debut and is aiming to match or exceed the headline size of SpaceX’s all-time largest initial public offering, people familiar with the matter said.
The creator of the Claude AI model is working through financial projections as it prepares to file publicly as soon as the end of this month. Chief Financial Officer Krishna Rao has been leading recent investor briefings but has steered clear of providing valuation guidance.
Company disclosures show mixed near-term results: Anthropic reported positive adjusted operating income for the second quarter but recorded a net loss of almost $42 billion in 2025, up from about $8.3 billion in 2024. The firm also reported preliminary second quarter revenue of more than $11.5 billion, compared with $787 million in the same period in 2025. Management said the company’s run rate reached $65 billion by the end of July.
Sources indicate Anthropic plans to go public ahead of rival OpenAI, which is targeting a 2027 listing, and that both companies have filed confidentially for their respective listings.
In parallel with IPO preparations, Anthropic is finalizing a revolving credit facility intended to exceed a roughly $10 billion target. Investment banks involved in the offering include Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co., with the possibility that additional banks will join the underwriting group.
For context on scale, SpaceX - owned by Elon Musk - completed an initial offering that raised $75 billion and grew to $86.2 billion after exercising the overallotment option, making it the largest first-time share sale on record. The article also noted that a five-year-old company raised $65 billion in May at a $965 billion valuation, exceeding rival OpenAI’s $852 billion valuation from March when the ChatGPT maker raised $122 billion.
The coming weeks appear pivotal. Anthropic’s final prospectus and the size it settles on will determine whether it meets the goal of equaling or surpassing that record. The company’s revenue run rate, recent adjusted operating income, and the scale of its revolving credit facility are among the metrics investors and underwriters will weigh as they price the deal.
How the transaction is structured, who joins the bank syndicate and the timing of the public filing will shape market reception and liquidity flows, particularly across equity and credit markets tied to large technology and AI-related offerings.
Key details:
- Anthropic is preparing for an IPO and is aiming to match or exceed SpaceX’s record offering size.
- The company reported positive adjusted operating income for Q2 but a net loss of nearly $42 billion in 2025; preliminary Q2 revenue exceeded $11.5 billion.
- Morgan Stanley, Goldman Sachs and JPMorgan Chase & Co. are working on the deal; Anthropic is also finalizing a large revolving credit facility above a roughly $10 billion target.