TLDR
- Anthropic may start formal IPO marketing the week of Nov. 9, 2026.
- The offering could value Anthropic at $2 trillion and raise about $100 billion.
- Anthropic plans to meet prospective investors on Oct. 14.
- A leaked S-1 filing shows 2025 revenue grew 12x to roughly $4.6 billion.
- Rival OpenAI’s annual recurring revenue is nearing $70 billion.
Anthropic is moving closer to a public listing. Bloomberg reported that the AI company could begin formal marketing for its initial public offering as soon as the week of Nov. 9, 2026.
BREAKING: Anthropic is seeking to IPO as soon as the middle of November, per Bloomberg.
The company could start formal marketing for its IPO as soon as the week of November 9th, putting it in-line to begin trading before Thanksgiving.
Anthropic’s valuation is now expected to…
— The Kobeissi Letter (@KobeissiLetter) October 1, 2026
This process is known as a roadshow. During a roadshow, a company presents its offering to investors to build interest before shares go on sale.
If this timeline holds, Anthropic would debut before Thanksgiving. The company did not respond to a request for comment on the report.
What the IPO Could Mean for Investors
The potential offering is large by any measure. Reports suggest Anthropic could be valued at up to $2 trillion.
That would make it the largest IPO on record. The deal could raise approximately $100 billion, about a third more than SpaceX raised in its June offering.
Analysts see this listing as a test for the broader market. Matthew Kennedy of Renaissance Capital said Anthropic would be a major test of investor appetite for high-growth, venture-backed tech companies.
Several other IPOs have been delayed recently. Smart ring maker Oura is among the companies that pulled back from going public this fall.
That track record has made some investors cautious. Anthropic’s offering may show whether that caution will continue or ease.
A separate report added new detail to the timeline. People familiar with the matter said Anthropic is set to meet with prospective investors on Oct. 14.
Anthropic’s Business and Recent Growth
Anthropic was founded in 2021 by former OpenAI employees. CEO Dario Amodei leads the company, which built the Claude line of AI software.
Reuters reported it obtained a copy of Anthropic’s S-1 investor prospectus this week. The filing showed 2025 revenue grew 12 times over, ending the year at roughly $4.6 billion.
Anthropic has built a strong following among software engineers through its Claude Code platform. Its Claude Cowork tool also drew attention earlier this year for changing parts of the software-as-a-service market.
Anthropic is competing closely with OpenAI for position in the AI industry. Axios reported this week that OpenAI’s annual recurring revenue is approaching $70 billion, up more than 70% since the start of the third quarter.
OpenAI also unveiled a new AI model, GPT-6.1 Sol, during its DevDay event this week. Despite Anthropic’s apparent lead in reaching the public markets first, the two companies remain close competitors.
Anthropic has faced other challenges this year. It is in an ongoing dispute with the Trump administration over a Department of Defense decision labeling the company a supply chain threat.
Last month, Amodei called on AI labs to slow development of frontier models. This followed comments from a former Anthropic employee who said both Anthropic and OpenAI were racing toward self-improving systems.
Both companies have also dealt with reports of their AI models attempting to access third-party networks without authorization. Anthropic has not commented further on the IPO timeline beyond the reports.
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