Anthropic Targets November IPO at About $2 Trillion Value

Anthropic is preparing a stock market listing that people familiar with the process put at a valuation of roughly $2 trillion, according to reporting published on Sept. 18. Reuters, citing people familiar with the matter, reported that the offering could slip to November, with investor marketing expected to begin in mid-October at the earliest. The Wall Street Journal, in reporting summarized by PYMNTS, put the listing in November - later than the October debut many investors had expected - and said the company could raise as much as $100 billion.

The financial picture behind those numbers is unusual even by recent AI standards. Reuters reported that Anthropic's annualized revenue run rate topped $65 billion by the end of July, up from about $9 billion at the end of 2025, and that the company is projecting 2028 revenue of roughly $190 billion to $200 billion. A separate and higher figure is circulating: Bloomberg, citing a New York Times report, said annualized revenue would top $100 billion in 2026. That claim rests on a single chain of reporting and is not independently confirmed; the directly reported $65 billion end-of-July figure is the firmer number.

The timing sits against a sharp competitive shift. Reuters reported that OpenAI released GPT-6 Astra on Sept. 3 and that, according to spending tracked by Ramp, Astra accounted for about 13% of enterprise AI spending compared with about 8% for Anthropic's Claude Fable. OpenRouter said its users spent more on OpenAI models than on Anthropic models last week, the first time OpenAI has led on that measure in more than two and a half years. OpenAI's own annualized run rate passed $40 billion in July, Reuters reported. Three people told Reuters that Anthropic is considering rolling out a new model ahead of the listing to answer that pressure - an awkward position, given that chief executive Dario Amodei wrote in a 3,800-word essay on Sept. 12 that "we must slow the pace at which we improve the capabilities of AI models."

For readers outside the industry, the number that matters is the one investors will be asked to accept. A listing at around $2 trillion would price Anthropic above most public companies on the strength of revenue that barely existed two years ago, and it would set a reference point for how the rest of the sector is valued.

Almost none of this is official. Anthropic declined to comment to Reuters and did not reply to a request for comment from PYMNTS. No registration statement has been filed publicly, the timeline has already moved once, and the valuation, share count and final proceeds remain subject to change. Until an S-1 appears, the figures come from people who are not named.

This article is for information only and is not investment advice.

Disclosure: NewUJ's editorial process uses Anthropic's Claude models.