Anthropic is pressing ahead with an initial public offering and could make its stock market debut as early as mid-November.
According to Bloomberg, the artificial intelligence model developer plans to begin formal IPO marketing during the week of Nov. 9 and is aiming to start trading before the U.S. Thanksgiving holiday on Nov. 26. If the process slips, the company is still expected to complete the listing before year-end. Market estimates in the report place Anthropic’s valuation between $1.8 trillion and $2 trillion, with fundraising expected to rival or even exceed recent benchmark listings.
Investor meeting in October and roadshow plans in November
People familiar with the matter said Anthropic, known for its Claude model, had originally planned to file publicly after the summer. The schedule was later adjusted, and the company is now planning a closed-door investor meeting at its San Francisco headquarters on Oct. 14. Selected institutional investors are expected to meet directly with senior executives.
If preparations stay on track, Anthropic plans to launch its formal IPO roadshow on Nov. 9, with the goal of beginning trading before Nov. 26 to avoid the slower year-end holiday period. The review process is still underway, though, and the final timetable could change depending on market conditions.
Revenue surged, while net loss expanded to nearly $42 billion
On the financial side, Anthropic posted about $4.6 billion in revenue for full-year 2025, up sharply from $386 million in 2024.
Its 2025 net loss, however, widened from roughly $8.3 billion a year earlier to nearly $42 billion. Operating loss also topped $8 billion. Documents cited in the report said the main driver behind the net loss was a change in the fair value of liabilities, an accounting line that included more than $34 billion in non-cash losses.
Potential investors are currently valuing the company at between $1.8 trillion and $2 trillion, and the expected deal size is being compared with recent high-profile offerings.
Competition with OpenAI and tighter AI oversight
Anthropic is moving toward a public listing while dealing with competitive pressure from OpenAI in both technology and commercialization. At the same time, global standards for testing AI model safety are becoming stricter. Recent cybersecurity incidents involving malicious agents have also increased investor attention on the company’s potential regulatory exposure after listing.
Chief executive Dario Amodei has previously argued in public writing that development of new AI systems should be slowed to a degree. Its main rival, OpenAI, has also held back its own listing plans after deciding current market conditions were not suitable. The contrast points to different assessments among leading AI companies on commercialization and risk control in public markets.
A weak IPO market could complicate pricing
Anthropic is also entering a difficult market for new listings. Recently, several companies, including Oura, halted offering plans near the point of listing because of investor concerns over valuation.
Bloomberg data cited in the report showed that, excluding a handful of large benchmark deals, the weighted average return for more than 100 newly listed stocks this year was -4%. That trailed the S&P 500’s 12% gain and the Nasdaq 100’s 20% rise, a sign that investors remain cautious on IPO pricing and profit outlooks.