Anthropic Targets $75B IPO to Beat SpaceX

Anthropic Targets $75B IPO to Beat SpaceX

Anthropic PBC, the developer of Claude AI, is accelerating preparations for its initial public offering, with a filing expected by the end of August. The company aims to match or exceed SpaceX’s record‑breaking IPO size, which raised $75 billion in the initial offering and $86.2 billion after exercising the overallotment option.

SpaceX, owned by Elon Musk, remains the largest first‑time share sale on record. Anthropic’s ambition follows its recent five‑year‑old fundraising round in May that secured $65 billion at a $965 billion valuation, surpassing OpenAI’s $852 billion valuation from March when the ChatGPT maker raised $122 billion.

Financial performance disclosed for the second quarter shows adjusted operating income turning positive, while the company recorded a net loss of approximately $42 billion for 2025, up from about $8.3 billion in 2024. Preliminary second‑quarter revenue exceeded $11.5 billion, a steep increase from $787 million in the same period a year earlier, and the revenue run‑rate reached $65 billion by the end of July.

Prior to filing, Anthropic is finalising a revolving credit facility that will exceed its roughly $10 billion target, providing additional liquidity ahead of the listing. The IPO process is being supported by Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co., with the possibility of additional banks joining the syndicate.

Anthropic intends to go public before OpenAI, which is targeting a 2027 listing, and both firms have filed confidentially for their respective IPOs.