Anthropic Postpones IPO as AI Leader Targets $2 Trillion Valuation for Mid-October Market Launch
Anthropic is postponing its initial public offering (IPO), now expected to begin marketing in mid-October at the earliest. The AI company plans to release its IPO prospectus in late September, a shift from earlier expectations of a release next week. The IPO could occur just days before the US midterm elections in November, although the timeline remains subject to change.
$2 trillion IPO in focus
The delay pushes back an offering that some investors estimate could value Anthropic at around $2 trillion. This potential listing would rank among the largest IPOs ever attempted and highlight public-market demand for the rapidly growing AI sector. The timing of IPOs can fluctuate due to market conditions, regulatory reviews, and other preparations, making such delays not uncommon. Anthropic is expected to attract investor interest alongside other AI firms considering public listings, including OpenAI.
Company looks to finalize $15 billion credit facility
As part of its IPO preparations, Anthropic is working to finalize a $15 billion revolving credit facility. The company aims to complete this facility before meetings with analysts from banks involved in the financing. Reports indicate that Anthropic is in discussions to expand the facility to this amount. Analyst meetings typically occur several weeks before an IPO prospectus is released, but Anthropic may have a shorter timeline due to analysts’ familiarity with the company. Major banks, including Morgan Stanley, Goldman Sachs, JPMorgan, and Citi, are collaborating with Anthropic on the IPO.
Revenue forecast stretches to 2028
Anthropic’s potential valuation is based on both its current performance and projected growth. The company forecasts revenue of approximately $190 billion to $200 billion by 2028, compared to a $47 billion revenue run rate disclosed in May. Bankers and investors are applying enterprise value-to-revenue multiples to these projections to estimate the company’s worth. Using revenue estimates two years ahead is less common but reflects Anthropic’s rapid expansion and the challenges in finding suitable benchmarks for a company investing heavily in AI infrastructure.
Washington ties show signs of thaw
Anthropic’s IPO preparations coincide with an improvement in its relationship with the Trump administration. The company had previously faced friction over AI safety protocols and national defense issues. Commerce Secretary Howard Lutnick confirmed this week that the administration now has confidence in Anthropic. He stated, “We trust Anthropic. They’ve done what we asked. They’re back on the right side.” This marks a significant shift from earlier tensions that led to export restrictions on Anthropic’s advanced models. As the company approaches its potential public debut, it is navigating a changing market landscape and a more favorable relationship with the US government.
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