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.

On October 1, Bloomberg reported that formal IPO marketing could begin as early as the week of November 9, setting up a debut before the November 26 Thanksgiving holiday. Prospective investors reportedly value the company at $1.8 trillion to $2 trillion despite its losses, with 2025 revenue around $4.6 billion and a net loss of nearly $42 billion.

On October 2, Bloomberg reported further timeline detail: Anthropic plans an Investor Day at its San Francisco headquarters on October 14, aims to begin IPO marketing as early as the week of November 9, and wants to go public before or around the November 26 Thanksgiving holiday — a debut that could be the largest IPO in history. An Investor Day source said discussions on the listing are ongoing and the timeline could still shift.

On October 3, AI Startups News reported the IPO roadshow is set to begin in mid-October with formal marketing starting the week of November 9, targeting a $1.8–$2 trillion valuation ahead of the November 26 Thanksgiving holiday — a debut that could be the largest IPO in history. The report also noted Anthropic has posted two consecutive quarters of positive adjusted operating income and has ended enterprise discounts once usage caps are reached. OpenAI, meanwhile, is reportedly near a $30B pre-IPO raise at a $1.4T+ valuation but plans to hold its own IPO no earlier than 2027.