Anthropic plans to launch its IPO in November, the Wall Street Journal reported on September 18, with the New York Times reporting a listing as soon as that month, per PYMNTS. The offering could value the company near $2 trillion and raise as much as $100 billion, which would surpass the record SpaceX set in June. The timing could still change. Anthropic did not respond to PYMNTS.
Revenue went from $9 billion at the end of 2025 to $65 billion at the end of July, per Bloomberg's reporting. A $2 trillion valuation on $65 billion is about 31 times run rate. The $965 billion private round in May priced it near 20 times the $47 billion run rate disclosed then. November lets the S-1 carry third-quarter numbers, and a strong quarter is the cheapest way to defend a multiple that much higher.
The IPO calendar looks different than it did a week ago. OpenAI ruled out a 2026 listing on September 12, and investors are floating a private round for it above $1.2 trillion. SpaceX set the size record in June. Anthropic now has the window to itself, and it arrives with a fresh complication: a consumer antitrust suit filed the same day names it as a defendant over the pacing proposal its own CEO published. Expect it in the risk factors.
Bottom Line
A November listing near 31 times run rate prices Anthropic as the fastest-scaling large software company yet, and the third-quarter numbers carry the multiple. Read the S-1 risk factors for the pacing lawsuit and customer concentration before the headline raise.