Anthropic has moved its planned Anthropic IPO to November, with investors discussing a potential $2 trillion valuation and as much as $100 billion in proceeds. The Claude developer had previously considered an October offering. The delay could allow the company to provide third-quarter financial results before seeking final investor commitments.
The proposed offering would rank among the largest IPOs ever if Anthropic reaches the reported valuation and fundraising target. However, the figures remain under discussion and could change before formal filings. Investors are expected to assess revenue growth, computing expenses, customer demand, and future capital requirements before the company sets final terms.
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Anthropic IPO Gains From Revenue Growth
Growth of Anthropic’s finances has become the key component of its story on the public market. According to Reuters, the company’s annualized revenue was more than $65 billion in July. At the end of 2025, the revenue run rate was about $9 billion.
The company is also expected to exceed $110 billion in annualized revenue by the end of 2026, according to reporting from The Wall Street Journal. These figures represent annualized revenue rates rather than money already collected across a full year. That distinction will matter when investors review Anthropic’s financial statements.
The company’s growth is related to subscriptions to Claude, using an application programming interface, and deals made by the company. Enterprises use Anthropic’s systems for software development, research, and other work-related functions. According to Reuters, the annualized revenue of Anthropic stayed higher than that of OpenAI, which is about $40 billion per year in July, even though both companies have been developing quickly.
The growth of Anthropic could be influenced by competition before Anthropic’s IPO. According to Reuters, Anthropic plans to launch a new model after OpenAI released GPT-6 Astra, and it became popular among enterprises. Astra had 13% of enterprise AI spend, whereas Anthropic’s Claude Fable was responsible for 8%.
Computing Costs Add Financial Pressure
Anthropic’s expanding customer base also requires significant computing capacity. The company needs large amounts of chips, data-center capacity, and electricity to train and operate increasingly capable AI models.
According to a Reuters report, OpenAI expects cumulative negative free cash flow of about $278 billion until 2030, says the Financial Times. At the same time, it expects computing and infrastructure expenses of about $856 billion until 2030. Also, it expects that revenues will grow from $36 billion in 2026 to $350 billion in 2030.
OpenAI’s figures provide context for the capital requirements facing leading AI developers, although they should not be treated as Anthropic’s financial projections. OpenAI is currently discussing raising another funding round with a valuation of $1.2 trillion and above. It also delayed its plans for an IPO.
Anthropic IPO Faces AI Competition
The Anthropic IPO also follows the trend of major AI companies becoming more concerned about growing safely. Chief Executive Dario Amodei has called for a slower pace of AI development while warning about risks from increasingly capable systems. OpenAI’s CEO, Sam Altman, has also talked about the risks associated with AI.
It will be particularly important for those issues to be addressed once the company goes public. As a public company, it will have to disclose the risks, its financials, and operational aspects of its business. This would allow the stakeholders to better understand how the company works on its model development, infrastructure investments, and safety program.
Anthropic has been steadily growing and expanding beyond its original products, like Claude. According to Reuters, the company has even opened a laboratory for biological experiments. The company is also cooperating with pharmaceutical companies, thus opening another business segment besides its enterprise AI business.
What Happens Before November?
The following significant step will be discussions with investors and further disclosure of financial information. The move to hold the IPO in November by Anthropic may allow potential shareholders to have some idea about the third-quarter financial results and determine the final structure of the sale of the company.
The registration statement would give more details concerning financial statements, risks, management information, structure of shares, and the purpose of IPO funds. Before the submission of such documents, it is necessary to consider the $2 trillion valuation and fundraising of $100 billion as preliminary figures.
The Anthropic IPO could therefore become an important test for how public investors value rapidly growing AI companies with substantial infrastructure needs. At the same time, the timing of November will put Anthropic among the ongoing events related to OpenAI, Nvidia, and other providers of AI infrastructure.
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