The Wall Street Journal reported on September 18 that Anthropic is moving ahead with a planned November IPO targeting a valuation of roughly $2 trillion and a raise of up to $100 billion — which would rank among the largest listings in market history. The timeline slipped from October to November so the company can present fresh third-quarter financials to investors before locking in pricing.

The valuation would reflect explosive growth: annualized revenue is reportedly above $100–110 billion this year, up from $65 billion disclosed in July. The Financial Times cautions the figure is not formally fixed inside the company, and none of it comes from audited filings yet.

No public S-1 has been filed and neither Anthropic nor its lead investors have confirmed the timeline. By contrast, Sam Altman has confirmed OpenAI will not go public in 2026, with 2027 the earliest possibility.