Anthropic, the developer of the artificial intelligence model Claude, is preparing what could become the largest initial public offering in history, surpassing SpaceX. The company is readying a public filing of its listing documents as early as the end of this month, with the possibility of exceeding the $75 billion (approximately 104.5 trillion won) raised by SpaceX.

Bloomberg reported on the 20th (local time), citing people familiar with the matter, that Anthropic is targeting an IPO size that matches or exceeds SpaceX’s offering. Anthropic is reviewing specific figures to publicly file its listing documents for a mega-IPO as early as the end of this month. However, as discussions are ongoing, the actual offering size could change.

According to Bloomberg data, SpaceX, led by Elon Musk, raised $75 billion at its IPO, setting the record for the largest new share offering in history. Including the overallotment option, the final amount raised reached $86.2 billion (approximately 120.1 trillion won).

Valuation of $965 Billion, Surpassing OpenAI

Anthropic’s pursuit of a mega-IPO underscores the simultaneous surge in valuations and capital needs among AI companies.

Anthropic, now in its fifth year, raised $65 billion (approximately 90.6 trillion won) in May, securing a valuation of $965 billion (approximately 1,344.8 trillion won). That exceeds OpenAI, which was valued at $852 billion (approximately 1,187.3 trillion won) after raising $122 billion (approximately 170 trillion won) in March.

Revenue is also growing rapidly. Anthropic’s preliminary second-quarter revenue this year exceeded $11.5 billion (approximately 16 trillion won), up more than 14-fold from $787 million (approximately 1.1 trillion won) in the same period last year. As of the end of July, its annualized revenue run rate reached $65 billion.

On the other hand, cost burdens are also enormous. Anthropic posted an adjusted operating profit in the second quarter, but recorded a net loss of approximately $42 billion (approximately 58.5 trillion won) last year — roughly five times the prior year’s loss of about $8.3 billion (approximately 11.6 trillion won). Given the massive computing resources required to develop cutting-edge AI models, the need for large-scale capital raising is growing.

Likely to List Before OpenAI

Anthropic is working with Morgan Stanley, Goldman Sachs, and JPMorgan on its IPO. The company confidentially submitted its listing documents to the U.S. Securities and Exchange Commission (SEC) in June.

Rival OpenAI also submitted confidential listing documents the same month, but Anthropic is likely to reach the public markets first. Sarah Friar, OpenAI’s chief financial officer, recently told employees that “we will be a public company in 2027.” She also noted that Anthropic could publicly file its listing documents within weeks and potentially list as early as September.

If Anthropic surpasses SpaceX, this year’s U.S. IPO market would also set an all-time record. According to Bloomberg, U.S. IPO proceeds this year through the 19th totaled $160.6 billion (approximately 223.8 trillion won), approaching the record $195.2 billion (approximately 272 trillion won) raised in 2021.

South Korea’s National Pension Service Pursues OpenAI and Anthropic IPO Participation

Meanwhile, South Korea’s National Pension Service (NPS) is planning to participate in the IPOs of U.S. AI model developers OpenAI and Anthropic. The goal is to enhance returns, and the pension fund is already generating gains from the SpaceX IPO.

According to the financial investment industry on the 20th, the NPS Fund Management Division is pursuing IPO allocations in OpenAI and Anthropic, which are at the forefront of the global AI industry. The NPS, which has an office in New York, received an allocation of 3.5 million shares in the SpaceX IPO in June, leveraging its long-standing relationships with lead underwriters Goldman Sachs and Morgan Stanley. Goldman Sachs and Morgan Stanley are also lead underwriters for the OpenAI and Anthropic IPOs.

While popular IPOs often leave investors unable to secure allocations, the NPS — a heavyweight in global equity markets — is an exception. “The NPS, one of the world’s three largest pension funds, is approached first by IPO underwriters seeking its investment,” said a financial investment industry source. “That’s because long-term investor participation in an IPO helps stabilize the stock price after listing.”

As a passive investor, the NPS could face significant tracking error against its benchmark if OpenAI and Anthropic are not included in the index shortly after listing. MSCI, the index provider that manages the NPS’s overseas equity benchmark, is highly likely to fast-track OpenAI and Anthropic into its indices. SpaceX was added to the MSCI index 10 trading days after its listing.

The NPS is currently sitting on unrealized gains from the SpaceX IPO. On the 19th (local time), SpaceX closed at $139.65 (approximately 190,000 won), 7% above its IPO price of $135. The NPS’s unrealized gain on that day was $16.28 million (approximately 23 billion won, excluding currency effects). However, the position was underwater between July 16 and August 7, when SpaceX traded below its IPO price. Industry experts note that while OpenAI and Anthropic may also experience heightened stock price volatility in the early post-listing period, their medium- to long-term growth potential makes IPO allocations attractive.

Anthropic and OpenAI are targeting New York Stock Exchange debuts this year and next year, respectively. Sarah Friar, OpenAI’s CFO, said on the 19th, “OpenAI will be a public company next year,” adding that “Anthropic could list first, possibly in September of this year.”