Anthropic

Artificial Intelligence · IPO · Finance

IPO

Anthropic reportedly nears IPO filing, banks vie for lead roles

A listing near $2 trillion would eclipse SpaceX's record debut and force public markets to price frontier AI's enormous cash burn.

• Anthropic is preparing to publicly file its IPO prospectus within weeks, with Morgan Stanley emerging as frontrunner for the lead-left underwriting role and Goldman Sachs expected to serve as stabilization agent, according to the Financial Times.
• Anthropic makes the Claude chatbot and was last valued at $965 billion in a Series H round in May 2026, making it the world's most valuable AI startup.
• The company is finalizing a $15 billion revolving credit facility, six times larger than the $2.5 billion facility it arranged in 2025, with the same four banks leading both the loan and the IPO.
• About half a dozen Anthropic investors expect the company to list at a valuation of $2 trillion or more, which would top SpaceX's record $1.78 trillion debut in June, when it raised $86 billion.
• The IPO timeline has slipped: marketing is now expected to begin in mid-October at the earliest, with the listing completing just days before the US midterm elections in November.
• The credit line adds to a wider stack of Anthropic-linked borrowing this year, including a sought $60 billion Broadcom chip-financing package and AMD's $4.75 billion bond sale, debt that sits off Anthropic's own balance sheet.
• A $2 trillion debut would make Anthropic's IPO the largest ever and a definitive test of whether public markets will pay premium multiples for frontier AI's enormous compute spending.