Anthropic files for its IPO
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Illustration: Brendan Lynch/Axios
Anthropic on Monday filed for its highly anticipated IPO, suggesting that its shares could begin trading before Thanksgiving.
Why it matters: AI giants need additional investment, as massive revenue isn't keeping pace with spending.
By the numbers: The Claude maker didn't say how much it plans to raise in its IPO, but there is speculation that it could seek around $100 billion at a $2 trillion valuation.
- The current IPO record-holder is SpaceX, which recently raised nearly $86 billion (including the underwriters' greenshoe option) at an initial $1.77 trillion valuation.
- SpaceX shares soared in initial trading and have since bounced around — even breaking below the $135 per share IPO price. It closed trading last Friday at $147.95, versus its first trades of $150 after the IPO.
Zoom in: Anthropic argues that its technologies could help cure diseases and solve other problems that have bedeviled humanity. It also acknowleges, however, concerns that its technologies could pose "catastrophic or existential risks to humanity."
By the numbers: Anthropic reported an $80.75 billion net loss on $16.29 billion in revenue for the first half of 2026. That top-line figure works out to $6.6 million of revenue per employee.
- It didn't report Q3 numbers but, given that they've been leaked, don't be surprised if they emerge in an amended filing before pricing.
- Goldman Sachs is left lead underwriter, followed by Morgan Stanley and then 20 other banks.
Flashback: Anthropic filed confidential IPO paperwork in early June, just weeks after OpenAI did the same. OpenAI subsequently said it doesn't expect to go public until next year, and is said to be raising another $30 billion in the private markets at a $1.25 trillion valuation.
The bottom line: This IPO is likely to become a referendum on the business of AI, even if it's just a securities offering from a single company.
