Anthropic, maker of the Claude chatbot, reportedly plans a mid-November IPO at a valuation of as much as $2 trillion, which would exceed SpaceX's $1.77 trillion debut earlier this year. Under SEC rules requiring a public prospectus at least 15 days before a roadshow, it would need to file by about late next week to keep that timetable, though a delay is possible. Analysts are divided: one portfolio manager said the company could stay private if inflation and high energy prices keep building, while another said the market needs a successful offering. A Wall Street Journal report on its draft prospectus cites up to $750 billion in planned AI compute spending and a first-half 2026 net loss above $80 billion, largely from accounting adjustments. Prediction markets show an 80% chance of an IPO by year-end.
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Original headline: Will Anthropic pull off a November IPO ? Time is running out to file key paperwork .
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Anthropic, maker of the Claude models, is expected to list next month, possibly in the biggest IPO in history, targeting a valuation of $1.5 trillion to $2 trillion. Revenue has surged, with Q3 revenue of $16.8 billion, up 45% from Q2, but the company spent $7.33 billion on compute and infrastructure in 2025 and posted a $42 billion net loss, about $34 billion of it from an accounting adjustment. Anthropic reportedly posted positive adjusted profit in Q2 2026, though the article says the gap versus GAAP results matters. At $2 trillion, the stock would trade at more than 400 times 2025 revenue but about 30 times annualized Q3 revenue. The author models bull, base and bear scenarios for a $5,000 investment and is skeptical of the bull case, arguing AI may become a commodity.
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