Anthropic is adding detail to its IPO timetable. Bloomberg reported on Thursday, Oct. 1, citing people familiar with the matter, that the company will hold a pre-IPO investor day on Oct. 14 and has invited a group of institutional investors. Under the current plan, Anthropic could begin formal IPO marketing as soon as the week of Nov. 9, with the goal of starting trading before the U.S. Thanksgiving holiday.
According to the report, the investor day will be held at Anthropic’s headquarters in San Francisco. Invited institutional investors will be able to ask company executives questions directly. The event is seen as an important step in the company’s communication with investors ahead of a potential listing.
A November listing window is taking shape
Based on the current schedule, Anthropic could complete its listing in November, although the IPO plan could still change. U.S. Thanksgiving falls on Nov. 26 this year. If the company launches its roadshow in the week of Nov. 9, it could complete the transaction before that holiday.
Some prospective investors see a $1.8 trillion to $2 trillion valuation
One of the main points of focus is the size of the offering. Bloomberg had previously reported that Anthropic’s IPO fundraising could match or exceed the record-setting IPO associated with SpaceX. The latest report said some prospective investors believe Anthropic’s fair valuation could reach $1.8 trillion to $2 trillion.
At that level, Anthropic would rank among the most highly valued AI companies in the world. It would also give capital markets an important benchmark for pricing generative AI companies.
Its rival OpenAI has recently chosen to pause IPO plans. Earlier reports said OpenAI was seeking to raise at least $30 billion in fresh funding at a target valuation of about $1.4 trillion. OpenAI CEO Sam Altman has said the company is not in a hurry to go public.
If Anthropic reaches the public market first, its IPO pricing could become an important reference point for investors reassessing valuations across the AI sector.
Enterprise adoption is part of the growth case
For prospective investors, a key selling point is Anthropic’s traction with enterprise customers. Bloomberg said that while Claude still trails OpenAI’s ChatGPT in consumer brand recognition, its adoption among enterprise users, including software developers, is relatively strong. That matters because investors are looking for recurring revenue growth.
The report said a range of institutions, including banks, hedge funds and enterprise software companies such as Salesforce, have already worked with Anthropic and integrated its AI tools into their workflows.
That enterprise positioning is also one of the clearer differences between Anthropic and OpenAI. For AI companies preparing to enter public markets, ongoing usage and commercial revenue from enterprise customers remain central to how investors judge the durability of growth.
Revenue surged in 2025, but losses remained massive
Anthropic’s high valuation case rests on fast-growing demand for AI, but the company is still in a heavy investment phase. Documents previously obtained by media outlets showed that Anthropic generated about $4.6 billion in revenue for full-year 2025, far above the $386 million reported for 2024. Over the same period, net loss approached $42 billion, roughly five times the previous year’s level.
That headline loss does not fully reflect day-to-day operating performance. The documents showed that more than $34 billion of the loss came from accounting items, including changes in the fair value of liabilities. Excluding those factors, Anthropic’s 2025 operating loss still exceeded $8 billion.
At the same time, the company is expanding its AI infrastructure footprint. Anthropic recently signed a seven-year computing resources agreement with Akamai valued at about $11.6 billion, increasing its future spending on compute capacity.
That leaves Anthropic with a broader task as it approaches public investors: not only to defend rapid revenue growth, but also to show how rising revenue can eventually translate into steadier cash flow and profitability while compute and infrastructure spending keep climbing.
OpenAI competition is intensifying, and AI safety remains in focus
Anthropic’s rise has come with a shifting competitive backdrop. Media reports said OpenAI has gained momentum in sales in recent months and is again increasing pressure on Anthropic.
Both companies also remain at the center of debates over AI safety. A recent series of high-profile AI agent hacking incidents has drawn more attention to the risks tied to frontier models. In September, Anthropic CEO Dario Amodei published an article on his personal website arguing for a slower pace in advancing frontier AI model capabilities.
So far, those issues have not clearly changed valuation expectations among some prospective investors. Some still believe the company could be worth $1.8 trillion to $2 trillion.
The U.S. IPO market is under pressure
Anthropic’s push toward listing comes at a time when the broader U.S. new-issue market is not especially strong. Bloomberg data showed that, excluding record-sized IPOs such as SpaceX and SK Hynix, the weighted average return of more than 100 newly listed U.S. stocks this year was about -4%. That lagged the S&P 500, which was up about 12% over the same period, and the Nasdaq 100, which had gained about 20%.
The U.S. IPO market has also seen a run of delayed offerings recently, with some companies even halting deals shortly before launch. Against that backdrop, if Anthropic completes a very large IPO, it would become one of the most closely watched U.S. equity offerings of the year.
Whether its pricing wins support in the public market may also offer an important test of whether the lofty valuations assigned to AI giants in private markets can carry over into public trading.