Anthropic Plans Record-Breaking IPO That Could Top SpaceX's $86B Deal

Anthropic is moving fast toward one of the biggest stock listings ever seen. The Claude maker could file paperwork for its initial public offering by the end of August, according to people familiar with the matter, cited by Bloomberg.

The AI company wants its IPO to match or beat SpaceX's record $86.2 billion raise. If it pulls that off, Anthropic would set a new high for first-time share sales in market history.

Anthropic could file for its IPO by late August, report says

Anthropic is picking up the pace on its listing plans and could publicly file as soon as the end of this month. That timeline is earlier than an October filing date floated in previous media reports.

Investor briefings led by experts have reportedly steered clear of naming a specific valuation so far. Discussions are still ongoing, and people close to the matter caution that the offering size and other details could still shift before any filing goes public.

How big could the Anthropic IPO be?

Anthropic already raised $65 billion in a private round back in May. That deal valued the company at $965 billion.

Now bankers are reportedly running numbers that could push a public valuation close to $2 trillion. That is a huge jump in just a few months.

Three big banks are working on the deal. Morgan Stanley, Goldman Sachs, and JPMorgan are all reportedly involved in preparing the listing.

Anthropic is also lining up a revolving credit facility. That loan facility is expected to top $10 billion once finalized.

Anthropic vs SpaceX: who wins the size race?

SpaceX set the current record earlier this year. Elon Musk's rocket firm sold $75 billion of stock at first, then grew to $86.2 billion after underwriters used their overallotment option.

Anthropic does not need a higher valuation than SpaceX to beat that number. It could simply sell a bigger slice of the company instead.

At the top end, Anthropic would only need to sell a small piece of itself to hit SpaceX-beating numbers.

What is Anthropic's revenue right now?

The growth story behind the Anthropic IPO push is steep. Anthropic's preliminary second-quarter revenue came in above $11.5 billion, up from just $787 million a year earlier.

By the end of July, the company's annualized revenue run rate reportedly reached $65 billion. That is up from a $47 billion run rate in May and a $14 billion figure back in February.

Claude Code, the company's coding tool, has become a key growth driver on its own. That single product has reportedly crossed a $2.5 billion run rate.

Anthropic also says its enterprise API market share hit 32% in the second quarter, edging past OpenAI's reported 25% share.

Is Anthropic actually profitable?

Not quite, at least not in the full picture. Anthropic reportedly posted a net loss of almost $42 billion in 2025, roughly five times its 2024 loss of about $8.3 billion.

The company did see positive adjusted operating income in the second quarter of 2026. That is a step forward, but adjusted income leaves out several costs that a full net profit number would include.

Training AI models and renting computing power both cost huge sums. Anthropic has struck capacity deals worth billions with Amazon, Google, Broadcom, and SpaceX to keep up with demand.

Why does the $2 trillion number matter?

Anthropic is projecting roughly $190 billion to $200 billion in revenue by 2028. Investors appear to be pricing shares based on that future number rather than today's results.

Hitting $195 billion in 2028 would mean nearly tripling the current $65 billion run rate in about two years. That works out to close to 73% annual growth, a pace few companies sustain for long.

A $2 trillion price tag today would value Anthropic at almost 31 times its current run rate. Paying that much now, for revenue expected two years from now, leaves little room for error.

What could go wrong for Anthropic investors?

Several risks sit ahead of any listing. Price wars with OpenAI and Google could squeeze margins. Compute costs could keep climbing faster than sales.

Governance is another point worth watching. Anthropic is reportedly weighing super-voting shares that would keep founder control strong even though CEO Dario Amodei holds only around a 2% stake.

The company's Long-Term Benefit Trust can also select and remove part of the board, a structure built around its public benefit mission rather than pure shareholder returns.

Lock-up expirations are worth watching too. SpaceX stock recently slipped below its $135 IPO price after more than 1.2 billion shares became tradable in a matter of weeks, a reminder that early listing strength does not always last once insiders can sell.

SpaceX stock price prediction: what does SPCX show right now?

SPCX price prediction: SpaceX's own stock offers a preview of what post-IPO trading can look like for a mega-cap tech listing. SPCX shares dropped 4.05% on August 20, 2026, closing at $134.00, just under its $135 IPO price for the first time since going public.

Trading volume topped 119 million shares that day, well above normal levels. The drop came right after roughly 319 million shares unlocked, adding to an even larger unlock of 911.5 million shares on August 6.

Together, more than 1.2 billion SPCX shares have entered the tradable float within a few weeks, roughly doubling the available supply even after the company posted strong quarterly results.

Wall Street's price targets still lean bullish on paper, with an average 12-month target of $213.50, but the wide $75 to $450 range shows just how split analysts are on where the stock heads next.

The broadest lock-up expiration, tied to the standard 180-day schedule, has not even hit yet.

For anyone watching Anthropic's own listing plans, SPCX's post-IPO wobble is a useful signal. Strong revenue growth alone did not stop selling pressure once insiders were free to cash out.

Anthropic vs SpaceX: how do their price outlooks compare?

Anthropic has not priced any shares yet, so there is no stock chart to study the way there is for SpaceX. But the two companies still make a useful side-by-side, since both are record-setting, capital-heavy tech names competing for the same pool of IPO investors.

Anthropic's situation is different but related. Its valuation debate is happening before a single share trades, built on 2028 revenue targets rather than a live stock chart.

If Anthropic follows a path similar to SpaceX, a strong opening pop would not by itself confirm the valuation is fair once lock-ups expire and more shares hit the market.

Neither company's price action should be read as a guarantee of what the other will do. Anthropic sells AI infrastructure and enterprise software access, while SpaceX sells satellite and launch services, so the businesses face different demand cycles and cost structures even if investor sentiment overlaps.

When could Anthropic actually go public?

Anthropic is reportedly aiming to list before OpenAI, which is now eyeing a 2027 debut. Both companies have already filed confidentially with regulators.

As of August 21, 2026, Anthropic remains a private company. There is no confirmed ticker, no set IPO price, and no fixed listing date yet.

Details of the offering, including its final size, could still change before any public filing goes through.

Disclaimer

This article is for informational purposes only and does not constitute financial, investment, or legal advice. Past performance and reported growth figures do not guarantee future results. Always do your own research and consult a licensed financial advisor before making investment decisions.