Anthropic targets up to $2 trillion valuation in planned November IPO

Anthropic is seeking a valuation of up to $2 trillion for a planned November initial public offering, following quarterly revenue growth of about 46%, according to media reports. The San Francisco-based AI company could begin marketing shares during the week of November 9, people familiar with the matter said.

The developer of Claude presented investors with July-September revenue of $16.8 billion, compared with $11.5 billion for the preceding quarter, according to a media report citing people familiar with the matter. Anthropic told investors that it recorded its second consecutive quarterly profit using an adjusted measure that excludes certain costs.

The company also reported positive adjusted free cash flow and an 11% operating margin. Revenue amounted to $1.70 for every dollar spent on computing power during the quarter. Growth nevertheless slowed after revenue more than doubled between the first and second quarters.

Anthropic submitted a confidential IPO filing to U.S. regulators in June but has not made its full prospectus public. Its intended November listing would follow the U.S. midterm elections. Goldman Sachs and Morgan Stanley are reportedly leading the offering.

The targeted valuation compares with $965 billion when Anthropic obtained $65 billion from private investors in May. It would also exceed the roughly $1.8 trillion valuation attached to SpaceX's June IPO.

A draft prospectus described in a media report showed that Anthropic recorded a $42 billion loss under standard accounting rules in 2025, against revenue of $4.6 billion. That loss largely reflected $34 billion of accounting charges associated with earlier fundraising.