Anthropic IPO Tests Trust-Led Board Control

Anthropic, the developer of the Claude family of artificial-intelligence models, has emerged as one of OpenAI’s most closely watched rivals. Rapid adoption by corporate customers has strengthened the company’s revenue outlook and investor appetite. A listing at a valuation of as much as $2 trillion could eclipse SpaceX and become the largest initial public offering on record, underscoring Wall Street’s enthusiasm for generative AI.

Anthropic began preparations for an IPO in 2026 and could move ahead as early as the autumn. Second-quarter revenue increased fourteenfold and the company turned profitable, while annualized revenue climbed to $65 billion. The Wall Street Journal also reported that Anthropic’s internal projections put its long-term potential revenue above $30 trillion, an exceptionally bullish estimate helping support investor expectations for a record valuation.

Anthropic, developer of the prominent Claude AI model, has seen its secondary-market valuation surge 550% this year to $1.2 trillion, overtaking OpenAI and drawing intense market attention. With demand for its shares far outstripping supply, the frenzy has reportedly prompted some investors to sell their homes to buy stock and fueled gray-market trading, forcing the company to issue a warning. The activity underscores the powerful pull that leading AI unicorns exert on capital amid the global artificial intelligence boom.

Bloomberg reported that Anthropic could go public as early as October this year. Three major investment banks are actively arranging meetings between investors and the company's senior executives, while an investor meeting is reportedly set to take place soon. The developments suggest that the company's listing plan, with a valuation closing in on $1 trillion, has entered its final stages. The market is closely watching whether Anthropic can complete the listing in October.

Founded by former OpenAI employees, Anthropic focuses on its Claude models and enterprise generative AI. Its “Computer Use” feature demonstrates how AI agents can operate computers. The company is competing with OpenAI for enterprise customers, computing capacity and talent, while its listing plans are also seen as an important test of capital-market appetite for high-cost AI business models.

Recent reports say Anthropic has confidentially filed an S-1 and selected Morgan Stanley and Goldman Sachs to lead the offering, with a listing possible as early as October 2026. Early reports put its valuation at about $380 billion and said it planned to raise more than $60 billion. Subsequent reports said the valuation first rose to $800 billion and could now reach $965 billion, closing in on $1 trillion.