Anthropic Targets $75 Billion IPO at Up to $2 Trillion
Anthropic is preparing an IPO that Bloomberg reports could match or exceed SpaceX’s record-setting debut, potentially raising more than $75 billion at a valuation above its last private mark of $965 billion. Shirin Ghaffary says the company’s case for going public is access to a repeatable source of capital for multibillion-dollar model-training costs, while Liana Baker says investors will have to judge whether AI demand supports that valuation despite reported losses and high compute spending.
Anthropic is testing investor appetite for an AI offering at historic scale
Anthropic is preparing for an initial public offering it expects could match or exceed SpaceX’s record-setting debut, according to Bloomberg’s reporting. A Bloomberg Tech graphic framed the prospective deal around a $75 billion-plus IPO target, a $965 billion last valuation, and the possibility of a public filing this month.
| Measure | What Bloomberg reported |
|---|---|
| IPO target | $75B+ |
| Last valuation | $965B |
| Public filing | Could come this month |
The proposed raise would arrive amid strong demand for AI but also unusually high costs. Shirin Ghaffary said Anthropic’s reported net loss in 2025 was nearly $42 billion—about five times its 2024 loss. For prospective investors, the public filing would put more detail behind the company’s financial position as it seeks a valuation above its last private mark.
Ghaffary described the central tension as a large planned offering and considerable excitement about AI demand on one side, and “questions around the very high costs needed to sustain this business” on the other. Training a new frontier model can itself cost billions of dollars, she said.
That makes the offering more than a conventional liquidity event. The question is whether investors will support a company at this scale while accepting the cost of training and operating at the cutting edge—and whether its disclosed financials and AI demand can support a valuation higher than $965 billion.
A public listing would make fundraising repeatable
Ed Ludlow noted that Anthropic should already have substantial cash on its balance sheet, which raises an obvious question: why pursue such a large IPO now?
Ghaffary pointed to an answer Daniela Amodei, Anthropic’s president and co-founder, gave when Ghaffary interviewed her onstage in June. An IPO, Ghaffary said Amodei argued, provides a repeatable process for raising large amounts of capital. The need follows from the cost of compute: training a single new cutting-edge AI model can run to billions of dollars.
Amodei’s explanation, as Ghaffary relayed it, was that Anthropic needs to be able to raise money when it needs it, and that an IPO supplies that process. The significance of the listing, on that account, is not solely the cash collected in the initial transaction. It is access to public markets as a continuing fundraising mechanism if capital needs remain high.
The market must decide what valuation the business can bear
Anthropic has already filed confidentially, and its CFO, Krishna Rao, has been speaking with investors, according to Bloomberg’s report. Liana Baker said those meetings are only part of the work underway. Investment bankers are also beginning early book building—identifying potential buyers and gauging demand for the deal.
The range under consideration is wide. Anthropic was last valued at $965 billion, Baker said; an IPO could test whether the company reaches $1 trillion, $1.5 trillion, or $2 trillion. The amount raised matters to the banks that will be paid fees, but the more consequential issue is the price at which investors will support the offering.
That judgment will become more concrete when the S-1 is public. Baker said it will give the market its first look at Anthropic’s financials. Investors will then be weighing the disclosed losses and future compute costs against the demand story behind the company’s AI products—not simply deciding whether to participate in a large deal, but what valuation that business can sustain.
A public filing could set off a compressed launch window
Ed Ludlow said SpaceX took about 23 days from making its S-1 public to its IPO. Baker said the operative window can be even shorter: 10 to 15 days in some cases, with 23 days at the outside. Once a company is ready to proceed, “this all happens very fast,” she said.
Anthropic is already confidentially on file. Baker said the company would need to get its materials in order for a public SEC filing and, if it wants to begin a roadshow after Labor Day, could move quickly. Bloomberg reported that the public filing could come within a few weeks. Baker noted that analysts believed it could arrive as soon as the following week, while stressing that Bloomberg had not reported a specific date.
The timing depends in part on market conditions. Baker said SpaceX was trading somewhat below its IPO price but was still a massive public debut and not “a total disaster.” Another company waiting to list could see that result and conclude that conditions are receptive enough to act.
Anthropic also has a rival’s potential timing to consider. Baker said OpenAI is watching the market as well.