Anthropic, the artificial intelligence company behind Claude, is reportedly targeting a November initial public offering (IPO) that could value the company at between $1.8 trillion and $2 trillion.
Bloomberg reported that the AI company could begin marketing the offering as early as the week of November 9, citing people familiar with the discussions who asked not to be identified because the plans remain private.
If the timetable holds, Anthropic could begin trading before the Thanksgiving holiday on November 26, although discussions remain ongoing and the timing could still change.
The proposed valuation would place the Claude developer among the largest companies ever to pursue a public listing and could make the offering one of the most closely watched technology IPOs in recent years.
Anthropic had previously been preparing to move ahead with an IPO after the summer, but its timetable was subsequently pushed back.
People familiar with the matter said the company still expects to complete its stock-market debut before the end of 2026.
Prospective investors are reportedly discussing a valuation of between $1.8 trillion and $2 trillion, while Anthropic expects the size of its offering could match or exceed the planned IPO of SpaceX.
The proposed listing comes against a mixed backdrop for new public offerings, with some companies delaying IPO plans amid changing investor demand and uneven performance among recently listed businesses.
Anthropic had begun laying the groundwork for a public offering earlier in the year.
In June, the company reportedly submitted IPO paperwork to the U.S. Securities and Exchange Commission (SEC), making it one of the first major generative AI companies to formally advance toward a public listing.
At the time, Anthropic had not disclosed the number of shares it intended to sell or the proposed offer price. The filing was made under Rule 135 of the U.S. Securities Act, which allows companies to announce certain plans without constituting an offer to sell securities.
The reported filing followed a major funding round that valued Anthropic at about $965 billion, according to the information cited in the earlier report.
Anthropic’s business has also expanded rapidly. The company reportedly generated approximately $4.6 billion in revenue in 2025, up from about $386 million a year earlier.
However, its rapid growth has come alongside substantial losses. Its operating loss exceeded $8 billion, while its net loss reportedly rose to nearly $42 billion, compared with about $8.3 billion in 2024.
More than $34 billion of the reported annual net loss was attributed to changes in the fair value of Anthropic’s liabilities, according to previously reported financial documents.
Anthropic’s potential IPO is unfolding alongside preparations by OpenAI, the developer of ChatGPT, to enter the public markets.
OpenAI reportedly confidentially filed for an IPO in June, setting up the possibility of major public offerings by two of the world’s most prominent generative AI companies.
The companies are already competing aggressively for enterprise customers, revenue and investment as demand for generative AI expands.
Anthropic’s Claude and OpenAI’s ChatGPT are among the leading AI products competing for corporate and consumer users, while both companies continue to invest heavily in computing infrastructure and AI development.
