Anthropic. Reuters/Yonhap
[[B1]] Anthropic is expected to file for an initial public offering late this month, aiming to break the record for the largest capital raise in IPO history set by SpaceX. Anthropic estimates its post-listing valuation at $2 trillion, which it expects to exceed SpaceX’s $1.77 trillion. With a market debut possible as early as October, attention is turning to whether the offering will draw in investor capital from around the world ahead of the November midterm elections.
[[B2]] Bloomberg reported on the 20th local time that Anthropic is preparing to file for a public listing as early as late this month. Chief Financial Officer Krishna Rao disclosed the plans at a recent investor briefing, Bloomberg said. While the market had expected Anthropic to list within the year, the company’s timeline appears to be moving somewhat faster. Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citi are serving as underwriters for the listing.
[[B3]] According to data compiled by Bloomberg, Elon Musk’s rocket and satellite company SpaceX raised $75 billion at a $1.77 trillion valuation when it listed, setting a record for the largest new share offering ever. Including the over-allotment option, the final size grew to $86.2 billion. The over-allotment option is typically exercised when the share price rises in the early days of a listing.
[[B4]] SpaceX had targeted a $75 billion raise, but orders exceeded $150 billion during bookbuilding, more than double the goal. That absorbed not only global equities but also idle capital from digital-asset and bond markets. Anthropic, which carries an even higher valuation than SpaceX and is posting solid growth, could see a similar situation unfold. One variable, however, is the high likelihood that the stock market will stay on the sidelines ahead of the Nov. 3 midterm elections.
[[B5]] Anthropic previously raised $65 billion at a $965 billion valuation in May. That topped the $852 billion valuation OpenAI secured when it raised $122 billion in March.
[[B6]] According to Bloomberg, Anthropic posted a net loss of about $42 billion last year, nearly five times the roughly $8.3 billion loss the previous year. But its adjusted operating profit turned positive in the second quarter, setting it apart from rivals such as OpenAI, which is still losing money.
[[B7]] Anthropic’s preliminary second-quarter revenue topped $11.5 billion, a 1,361% surge from $787 million in the same period of 2025, and its annualized revenue reached $65 billion as of the end of July.
[[B8]] Despite the return to profit, Anthropic is still grappling with a high-cost structure. Some sources said Anthropic and its rivals are wrestling with the enormous costs of building more advanced AI systems. Anthropic has signed an agreement with SpaceX to supply computing resources that could reach tens of billions of dollars over the next three years.
[[B9]] Anthropic is also considering the introduction of super-voting shares. The structure would give greater control over the company to CEO Dario Amodei, who holds about 2%, and the co-founders.
[[B10]] Should Anthropic secure an offering price that exceeds SpaceX’s, the U.S. IPO market this year would set an all-time record by amount raised. As of that day, capital raised by newly listed companies stood at $160.6 billion, approaching the 2021 peak of $195.2 billion. Two of the largest listings on record have already taken place, and South Korean chipmaker SK hynix raised $26.5 billion through its first sale of American depositary receipts (ADRs).
