Anthropic Targets Pre-Thanksgiving IPO as Prospective Investors Peg Up to $2 Trillion

Anthropic wants to be a public company before the turkey is carved. The Claude maker is aiming to start formal IPO marketing as early as the week of Nov. 9 and begin trading before Thanksgiving on Nov. 26, with year-end as the outer deadline, according to Bloomberg reporting. Prospective investors are putting fair value somewhere between $1.8 trillion and $2 trillion.

That would make it one of the largest listings in history, and the timeline is tight. Anthropic plans to host prospective investors at its San Francisco headquarters on Oct. 14, though the dates remain fluid. Morgan Stanley, Goldman Sachs and JPMorgan are leading the deal.

The plan has already slipped once. Earlier expectations pointed to an October listing, a story we tracked when the company lined up its Nasdaq debut. Some backers had also floated year-end annualized revenue of $100 billion to $120 billion.

Control is part of the pitch. Anthropic is weighing super-voting shares that would keep Dario Amodei and his co-founders firmly in charge after the listing, the kind of structure that lets public investors buy in without getting much of a say.

The numbers behind the valuation are wild in both directions. Revenue hit roughly $4.6 billion in 2025, up from $386 million a year earlier. The same year produced a net loss of nearly $42 billion, though more than $34 billion of that was non-cash fair-value accounting on liabilities. The operating loss still topped $8 billion, before the company swung to positive adjusted operating income in the second quarter of 2026.

Paying for compute is the other half of the story. Anthropic's spending commitments keep stacking up, including the $42 billion Broadcom chip credit.

There is an obvious irony here, and the New York Post went straight at it. Amodei has publicly argued that AI model development needs to decelerate, yet his company is racing to raise public money at a speed few firms have ever attempted.

The competitive timing helps explain the hurry. OpenAI has pushed back its own IPO, with Sam Altman calling a listing ill-advised for now, even as it claws back commercial ground. That leaves Anthropic a window to set the price of frontier AI on public markets first, and it clearly intends to use it.