Artificial intelligence firm Anthropic PBC is preparing for a landmark initial public offering that could equal or exceed SpaceX’s $75-billion IPO.

  • Anthropic aims to match or exceed SpaceX’s historic share sale, which initially raised $75 billion and expanded to $86.2 billion through overallotments. 
  • While posting a net loss of nearly $42 billion in 2025 due to massive computing costs, Anthropic’s run rate hit $65 billion by late July following $11.5 billion in second-quarter revenue. 
  • Anthropic is finalizing a multi-billion-dollar credit facility and evaluating super-voting shares to retain founder control ahead of its IPO.

Anthropic, the creator of the Claude AI system, is reportedly conducting financial analyses as it prepares for a public filing that could come as early as late August. 

Anthropic’s Chief Financial Officer Krishna Rao recently spearheaded investor presentations, though discussions around the company's precise target valuation were avoided, according to a Bloomberg report.

If the company achieves its goal, the offering would eclipse the benchmark set by Elon Musk's SpaceX. Data compiled by Bloomberg indicates that SpaceX garnered $75 billion in its initial offering, increasing to $86.2 billion after exercising its overallotment option. 

Surging Revenues Amid Steep Model Costs

The planned listing reflects rapid expansion in the broader AI sector. Founded five years ago, Anthropic secured $65 billion at a $965-billion valuation in May, overtaking OpenAI's $852 billion valuation recorded in March, Bloomberg reported.

Demand for Anthropic's technological capabilities has driven rapid top-line growth. Preliminary revenue for the second quarter topped $11.5 billion, up significantly from $787 million in the same period a year prior.

The company's annualized run rate touched $65 billion toward the end of July, according to Bloomberg, and it achieved positive adjusted operating income in the second quarter, while spending remains elevated. 

This spending stems from the steep capital requirements of training frontier models. To support these infrastructure demands, Anthropic struck a multi-year computing agreement with SpaceX valued at tens of billions of dollars, according to Bloomberg.

Anthropic’s Corporate Governance

According to Bloomberg, Anthropic is on track to debut ahead of chief competitor OpenAI, which has pushed its prospective listing timeline into 2027. Both developers have previously submitted confidential filings.

To prepare for the listing, Anthropic is set to complete a revolving credit facility that is expected to exceed its original $10 billion goal, Bloomberg reported. Banking partners advising on the deal include Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co.

To maintain governance stability, Bloomberg noted that Anthropic is considering establishing a dual-class share structure. This framework would grant super-voting stock to Chief Executive Officer Dario Amodei—who holds roughly a 2% equity stake—and his co-founders.

Retail sentiment on Stocktwits was ‘bullish’ on Anthropic. 

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