Anthropic is targeting an IPO that could match or top SpaceX's record raise — Quartz

RESOLVING THE LEDGER

Anthropic is targeting an IPO that could match or top SpaceX's record raise — Quartz | AIPROPX

Anthropic PBC is targeting an initial public offering that would match or exceed SpaceX's record-setting share sale, according to Bloomberg . The company confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission for a proposed IPO of its common stock.

SpaceX's debut set the all-time record for a first-time share sale at $75 billion, a number that climbed to $86.2 billion once the overallotment option was exercised. Anthropic could file publicly as soon as the end of this month, though discussions remain ongoing and details, including the size of the offering, could change, according to Bloomberg, which cited unnamed sources.

At recent investor briefings, Chief Financial Officer Krishna Rao avoided committing to a valuation figure. Anthropic is working with Morgan Stanley $MS , Goldman Sachs $GS Group and JPMorgan $JPM Chase on the offering, and other banks could be added. The company is also considering super-voting shares that would give Chief Executive Officer Dario Amodei and fellow co-founders greater control.

Anthropic's five-year revenue trajectory helps explain the scale of the potential offering. The company reported preliminary second-quarter revenue exceeding $11.5 billion , up from $787 million in the same period a year earlier, and its annualized revenue run rate reached $65 billion by late July. Anthropic raised $65 billion in May at a $965 billion valuation. Despite posting positive adjusted operating income in the second quarter, the company recorded a net loss of nearly $42 billion in 2025, compared with roughly $8.3 billion the year before.

Anthropic and its peers face substantial costs in building advanced AI systems. A single contract with SpaceX for computing capacity illustrates the scale of these expenses, with that arrangement alone potentially reaching tens of billions of dollars over a three-year span.

Before going public, the company expects to close a revolving credit facility that will surpass the approximately $10 billion it initially sought.

Anthropic is expected to go public ahead of OpenAI, which has pushed its own listing timeline to 2027. Both companies have filed confidentially with the SEC. If Anthropic's IPO surpasses SpaceX's record, it would push 2026 to the highest annual U.S. IPO volume on record; companies that debuted on public markets have already brought in $160.6 billion as of August 19, putting 2026 within striking distance of the 2021 peak of $195.2 billion.