Anthropic PBC is reported to be targeting an initial public offering comparable in scale to that of SpaceX Corp., as the company moves to list on public markets ahead of rival OpenAI Group PBC. Sources with knowledge of the matter have indicated to a broadcaster that the artificial intelligence developer intends to submit its IPO filing before the close of the current month.
During recent investor presentations overseen by chief financial officer Krisha Rao, company executives chose not to address questions about the firm's valuation. SpaceX launched its stock market debut in June, raising $75 billion and placing the flotation among the largest share offerings ever recorded. The total figure is anticipated to climb to $86.2 billion through an overallotment provision, which allows additional shares to be sold if the stock price rises in early trading.
Talks over Anthropic's potential public offering, including the scale of the float, remain in flux and the company's direction may yet shift, according to people familiar with the matter. Internally, top executives have expressed confidence that the firm can surpass SpaceX in performance.
The fundraising goal reflects the scale of investment flowing into Anthropic and the broader artificial intelligence sector. Anthropic, the company behind the Claude AI model, completed a $65 billion funding round in May at a valuation of $965 billion, placing it above OpenAI's $852 billion valuation from March, when OpenAI closed a $122 billion raise.
Questions persist about the financial position of Anthropic, even as the company pursues wide-ranging goals. Anthropic recorded a net loss of close to $42 billion for 2025, compared with $8.3 billion the previous year, even as separately disclosed figures pointed to a modest operating profit in the second quarter.
Demand for Anthropic's offerings has expanded at a notable pace, with revenue figures reflecting that upward trajectory. Revenue for the quarter reached over $11.5 billion, a sharp climb from $787 million recorded during the same three-month window the previous year. By late July, the annualised revenue rate — a forward projection derived from recent sales figures — had surpassed the $65 billion threshold.
Those weighing up a potential investment in Anthropic or OpenAI face a notable challenge: both companies have taken on substantial financial obligations tied to the infrastructure underpinning their AI systems. Developing and operating advanced AI models requires substantial financial outlay, with both Anthropic and OpenAI reportedly allocating billions of dollars monthly toward computing infrastructure. Anthropic has entered into a three-year agreement with SpaceX to purchase computing resources, a contract potentially valued at tens of billions of dollars.
The document indicates that Anthropic has moved ahead in the race toward a public market listing, positioning itself before OpenAI. Both firms have submitted confidential listing paperwork, though Anthropic is understood to be pursuing a faster timeline, whereas OpenAI's chief executive Sam Altman is said to be weighing a delay until 2027, tied to the company's pursuit of a $1 trillion valuation that analysts have not yet deemed achievable.
According to people familiar with the matter, Anthropic is working to secure a revolving credit facility that would exceed its approximately $10 billion target as the company prepares for a public offering. For its initial public offering, the firm has engaged Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co. as underwriters.
According to people familiar with the matter, Anthropic's CEO and fellow co-founders are weighing a dual-class share structure ahead of a potential public listing, an arrangement that would allow them to maintain voting authority over the company. Elon Musk granted himself a comparable class of shares in SpaceX to preserve his majority control over the company.
