(Oct 2): Anthropic PBC is seeking to go public as soon as the middle of November, according to people familiar with the matter, after the artificial intelligence (AI) model maker pushed back plans to list.
The firm behind Claude could start formal marketing for its IPO as soon as the week of Nov 9, putting it in line to begin trading before Thanksgiving, the people said. Dealmaking typically grinds to a halt in the days around the holiday, which is on Nov 26.
Anthropic is still expected to make its debut no later than the end of the year, the people said. The AI developer had been poised to file publicly for an initial public offering after the summer, Bloomberg News has reported.
Deliberations are ongoing and the timeline could continue to shift, the people said, asking not to be identified as the information isn’t public.
Anthropic, ascendant for much of this year, now faces renewed competition from the likes of OpenAI, which has gained sales momentum in recent months. The companies are also at the centre of mounting public scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents, ramping up concern about the potential impact on Anthropic’s market debut.
Chief executive officer Dario Amodei published an essay on his personal website arguing the speed at which new AI models are advancing must be slowed down. OpenAI, a chief rival to Anthropic, has postponed its IPO plans, with CEO Sam Altman arguing it’d be ill-advised to go public now.
The concern doesn’t appear to have discouraged prospective investors, who believe a fair valuation for Anthropic is in the US$1.8 trillion (RM7.35 trillion) to US$2 trillion ballpark, some of the people said. The company expects to match or beat the size of SpaceX’s IPO, Bloomberg News has reported.
Anthropic had a net loss of almost US$42 billion in 2025, a roughly fivefold increase from about US$8.3 billion the year before, Bloomberg News reported in August. The company’s full-year revenue was roughly US$4.6 billion for 2025, up markedly from US$386 million in the year before, though its operating loss ballooned to more than US$8 billion, according to documents seen by Bloomberg News.
The bulk of the net loss was driven by a jump in the change in fair value of Anthropic’s liabilities which accounted for more than US$34 billion of the company’s annual losses, the documents show.
Reuters reported some details of the IPO valuation and financials previously. A representative for Anthropic couldn’t immediately respond to a request for comment.
Anthropic is set to meet prospective investors on Oct 14 at its San Francisco headquarters in preparation for the IPO, people familiar with the matter have said. Powering ahead with an IPO would see Anthropic defy the string of delays and postponements in the market for new listings.
Oura Inc was the third company in a matter of weeks to formally postpone its debut just hours before a planned first-time share sale, after some potential buyers baulked at a fully diluted valuation target of about US$15 billion.
A range of other companies have seen their targeted timelines slip as the performance for this year’s class of IPOs stumbled. When removing SpaceX and SK Hynix Inc’s record-setting listings, the weighted-average return for the more than 100 newly listed stocks is a loss of 4%, data compiled by Bloomberg show. The figure sharply lags a 12% return for the S&P 500 Index and a 20% gain for the tech-heavy Nasdaq 100 this year.
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