Anthropic has moved its target for going public to November and is preparing disclosures that would lay bare the fastest revenue ramp in corporate history, according to people familiar with the matter. The company is aiming for a valuation of roughly $2 trillion, a figure that would make its debut the largest initial public offering on record and put it ahead of SpaceX for the title.
The timing, first reported by The Wall Street Journal and The Information, has slipped from October to November. The company wants a strong third-quarter earnings report in hand before it lists, the people said, and it is close to finalizing a $15 billion revolving credit facility that would give it balance-sheet flexibility through the process. Morgan Stanley and Goldman Sachs are among the underwriters, and the company could file its financial documents publicly within weeks.
The numbers that would sit in those documents are difficult to put in context. Anthropic expects to generate more than $100 billion in annualized revenue this year, the people said. That compares with annualized revenue that had just passed $65 billion at the end of July and stood at only about $9 billion at the close of 2025. In a single year, the company would grow more than tenfold.
The quarter-over-quarter figures show the acceleration in sharper relief. Revenue rose from about $4.7 billion in the first quarter to more than $11.5 billion in the second, while spending on computing power climbed from $3.4 billion to $5.6 billion over the same period. The company is spending aggressively to serve demand that is still rising faster than the capacity to meet it.
Reuters reported separately that Anthropic is weighing the launch of a new model before the IPO, a move aimed at blunting the enterprise push by OpenAI’s GPT-6 line, known as Astra. The competitive picture has tightened in recent months. On Ramp, a spend-management platform used by many startups, Astra accounts for about 13 percent of AI model spending against roughly 8 percent for Anthropic’s Claude Fable, and on OpenRouter, spending on OpenAI’s models surpassed Anthropic’s last week for the first time.
The rivalry frames the stakes of the listing. Anthropic is asking public investors to accept a valuation that assumes it will keep winning against the most heavily capitalized competitor in the field, and the recent spending data gives skeptics a number to cite. The company’s backers argue the enterprise market is large enough for several winners and that Anthropic’s reputation for safety gives it a durable niche among regulated buyers.
The computing buildout underpins the growth story. Investors expect the company to reach about five gigawatts of computing capacity by the end of this year and to roughly double that next year, the people familiar with the plans said. That scale of infrastructure implies tens of billions of dollars in further capital spending, which is part of why the revolving credit facility and the IPO proceeds matter.
A $2 trillion valuation would mark the arrival of the AI industry’s first true mega-cap debut, and it would test the public market’s appetite for a company that is growing at a rate no large business has sustained. The biggest technology offerings of the past two decades were priced far below that level, and none arrived with revenue expanding at a triple-digit annual pace.
The decision to delay from October to November is a small one, but it signals the company’s priorities. Anthropic wants its story told with the best possible quarter behind it and its borrowing in place, so that the debut is greeted as the arrival of a mature public company rather than a startup racing the clock. The extra weeks also give the new model, if it ships, time to establish itself in the market before the roadshow begins.
The record Anthropic is chasing is currently held by technology companies that went public in earlier booms, and SpaceX’s own offering, whenever it prices, would have claimed the title. A $2 trillion debut would dwarf those precedents by an order of magnitude, and it would test whether public markets can absorb a single company whose value is a bet on a technology still being defined.
The revolving credit facility the company is finalizing is standard for large technology firms approaching a listing, providing working capital and a cushion against the volatility that often surrounds a debut. That Anthropic is arranging $15 billion of it is a measure of the scale at which the company now operates, where even the routine instruments of corporate finance run to the tens of billions.
The people familiar with the plans cautioned that the timing could still shift, as it has before, and that the valuation target is a negotiating position as much as a forecast. But the direction is set: Anthropic intends to be a public company this autumn, and the offering, whenever it comes, will be the moment the AI boom asks the public market to put a price on its most extreme growth.
