Anthropic sprints toward the largest IPO in history: may unveil its prospectus as soon as Friday, valuation aimed at $2 trillion

Yahoo Finance, citing three people familiar with the matter, reported that Anthropic could publicly file its S-1 registration statement as early as this Friday (October 24), a key step toward what could become the largest IPO in history. The listing of the Claude developer is drawing intense attention and is expected to raise more than SpaceX's June IPO. As investor doubts about massive AI spending deepen, whether Anthropic can successfully go public is seen as a stress test of market appetite.

The timeline has long been set. In June this year, Anthropic confidentially submitted a draft IPO application to the U.S. Securities and Exchange Commission; under the rules, companies that file confidentially must make their documents public at least 15 calendar days before the roadshow begins. Once the S-1 is made public as expected, it will be just one step away from a November listing, though the final timing still depends on market conditions. By then, ordinary investors will also get their first clear look at its true finances and potential risks.

Burning Cash for Growth, Valuation Anchored at $2 Trillion

What underpins this capital feast is the billions of dollars Anthropic has poured into infrastructure to train and run Claude. In addition to alliances with Google and Amazon, it also rents GPU compute from SpaceX's Colossus 1. Revenue reached $16.3 billion in the first half, but came with a net loss of more than $80 billion. Wall Street expects the IPO could raise up to $100 billion, implying a valuation of as much as $2 trillion.

A more recent signal came from last week's investor day in San Francisco. A person familiar with the matter said Anthropic's third-quarter revenue reached $16.8 billion, up further from $11.5 billion in the second quarter; on an adjusted basis, the company has also turned profitable. This "higher revenue and smaller losses" curve is exactly the biggest confidence booster it wants to hand to the secondary market.

One source also pointed to a knock-on effect: Anthropic's sheer size means the timing of its IPO launch will affect other companies preparing to go public in the coming weeks. Meanwhile, rival OpenAI had originally been expected to list this year, but its window has now been pushed to early 2027—as the two AI giants race to ring the bell first, the capital competition between them is rewriting the pace.