ipo

Anthropic, the artificial intelligence company behind Claude, could be preparing for one of the biggest technology IPOs ever.
Recent reports say Anthropic expects its eventual public offering to match or even exceed the size of SpaceX’s record breaking IPO. Bloomberg reported that the company is running the numbers as it prepares for a possible public filing.
The important point is that this is not confirmed yet. Anthropic has confidentially submitted a draft registration statement to the US Securities and Exchange Commission, but it has not announced the final IPO size, share price or valuation.
SpaceX Set a Huge Benchmark
SpaceX made history in June 2026 when it priced its IPO at $135 per share.
The offering initially raised about $75 billion and valued SpaceX at approximately $1.77 trillion. After the overallotment option, the total amount raised increased to about $86.2 billion.
That gives Anthropic a very high target to beat.
Why Anthropic Has a Chance
Anthropic has experienced extraordinary revenue growth.
The company was valued at $965 billion during its $65 billion funding round in May 2026. Its reported annualized revenue run rate reached about $65 billion by July, compared with roughly $9 billion at the end of 2025.
Some investors reportedly expect Anthropic’s annualized revenue to reach $100 billion to $120 billion by the end of 2026.
That growth is one of the main reasons investors are discussing a valuation around $2 trillion or potentially higher.
But There Is a Big Difference
A huge valuation does not automatically mean a huge IPO.
For Anthropic to beat SpaceX’s roughly $86 billion final IPO proceeds, it would need to sell enough shares at a price that investors are willing to accept.
At the same time, the company must convince public market investors that its rapid growth can continue.
This is where the story becomes more complicated.
Anthropic is spending enormous amounts on computing infrastructure, model development and talent. Reuters reported that its valuation depends heavily on expectations for much larger future revenue, including a possible $190 billion to $200 billion revenue level in 2028.
The Main Risks
The AI market is extremely competitive.
Anthropic faces powerful rivals including OpenAI, Google and several open source AI projects. Cheaper AI models could also put pressure on pricing and margins.
There are also questions about infrastructure costs, regulation and the long term profitability of frontier AI companies. The Financial Times has warned investors to look beyond revenue growth and examine margins, competition and the rising cost of developing advanced models.
Another concern is valuation.
A $2 trillion valuation would put Anthropic in an extraordinary position for a company that is still building its long term profit model. Investors would need to believe that its future earnings can justify such a price.
My Take
Anthropic could break SpaceX’s IPO record, but it is too early to say that it will.
The strongest evidence is its explosive revenue growth, strong demand for Claude and massive investor interest in AI.
The biggest question is whether that growth can translate into sustainable profits.
If Anthropic reaches the reported $100 billion to $120 billion annualized revenue range and public markets remain enthusiastic about AI, a record setting IPO is possible.
But investors should remember one simple rule: a record IPO does not automatically mean a good investment.
The final IPO valuation, share price, amount raised and financial disclosures will matter much more than the headlines.
For now, Anthropic is clearly positioning itself for a historic public debut, and the race between AI and space for the title of the biggest IPO has become one of the most interesting stories in the 2026 market.
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