Anthropic Eyes $2 Trillion Valuation in IPO That Could Surpass SpaceX as Largest Ever

Anthropic is running the numbers on what could be the largest initial public offering ever, according to a Bloomberg report published Friday that cites people familiar with the matter. The company behind the Claude models is said to be eyeing a valuation above $2 trillion, and it expects the offering to match or exceed the size of SpaceX's debut. A public filing could come as soon as the end of August, though the discussions are described as fluid and the final size could change.

The bar is high. SpaceX raised $75 billion in its initial share sale, per Bloomberg data, the biggest IPO on record. After an overallotment option was exercised, the total reached $86.2 billion. Anthropic, five years old, would need extraordinary investor demand to clear that mark.

The path to this point has moved quickly. In June, the company confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission, at a valuation reported at nearly $1 trillion. Its statement then said the filing gave it the option to go public after the SEC completed its review, and that any offering would depend on market conditions and other factors. In May, Anthropic raised $65 billion at a $965 billion valuation, putting it ahead of OpenAI, which was valued at $852 billion after raising $122 billion in March. A $2 trillion public valuation would mean more than doubling the May figure in a matter of months.

The case for that leap rests on revenue. Bloomberg reports preliminary second-quarter revenue of more than $11.5 billion, up from $787 million in the same quarter of 2025. The annualized run rate reached $65 billion by the end of July.

The costs are just as large. Documents reviewed by Bloomberg show a net loss of nearly $42 billion in 2025, roughly five times the $8.3 billion loss a year earlier. There is one early sign of improvement: the company reached positive adjusted operating income in the second quarter.

The offering would also give public investors something they have mostly lacked during the generative AI boom, direct exposure to a company building the models at the center of it. Capital is a strategic necessity here, since training and serving more capable models takes vast amounts of chips, data center capacity and electricity. Anthropic has agreed to a computing arrangement with SpaceX that could be worth tens of billions of dollars over the next three years.

Morgan Stanley, Goldman Sachs and JPMorgan Chase are working on the deal, and more banks could join. The company is expected to finalize a revolving credit facility larger than its roughly $10 billion target before filing publicly. Control is another item to watch: Anthropic is considering super-voting shares that would give CEO Dario Amodei and his fellow co-founders greater influence after listing. Amodei owns roughly 2% of the company.

The timing could put Anthropic ahead of OpenAI, which is reportedly considering a listing in 2027; both have filed confidentially. U.S. IPOs had raised $160.6 billion through August 19, closing in on the $195.2 billion record set in 2021, and a deal larger than SpaceX's could push 2026 past it almost alone. At $2 trillion, public investors would be asked to price not only Claude's current growth but how much of the future AI economy Anthropic can capture. The next markers are the public filing, the final size and the terms of the voting structure.