Anthropic is preparing one of the largest IPOs in history and reportedly aims to debut before Thanksgiving, with mid-November the likeliest timing and early December a possible fallback. SpaceX's June IPO, priced at $135 per share, valued that company at $1.77 trillion, the largest IPO on record. Earlier expectations of a roughly $2 trillion valuation for Anthropic now look less likely, with many analysts expecting about $1.5 trillion and some estimates as low as $1.2 trillion. A leaked draft prospectus shows first-half 2026 sales of about $16.3 billion, up from about $1.1 billion a year earlier, but a loss of about $80.7 billion. Third-quarter sales were reported to have risen 45% sequentially to $16.8 billion, though some analysts had expected faster growth.
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