Anthropic is preparing an initial public offering designed to match or exceed the scale of SpaceX's record-setting market debut, according to report details from Bloomberg News.
The artificial intelligence firm is evaluating preliminary filing schedules that could see public registration documents submitted as early as late August, with underwriting led by Morgan Stanley, Goldman Sachs Group, and JPMorgan Chase.
Target Offer Size and Market Context
SpaceX raised $75 billion at the launch of its offering, reaching $86.2 billion following the full exercise of overallotment options—the largest first-time share sale recorded on US exchanges. Anthropic's leadership and financial advisors are structuring the upcoming float to target a comparable or larger capital raise to finance long-term compute commitments.
US equity capital markets have recorded $160.6 billion in total IPO proceeds through mid-August 2026. A listing of Anthropic's projected scale would push full-year volume past the historical high-water mark of $195.2 billion set in 2021.
Financial Trajectory and Compute Overhead
Anthropic reached an annualized revenue run rate of $65 billion by late July, supported by strong enterprise and developer adoption of Claude models and tools such as Claude Code. Preliminary second-quarter revenue surpassed $11.5 billion, compared to $787 million recorded during the second quarter of 2025.
While the company posted positive adjusted operating income for the second quarter of 2026, capital demands for model training and infrastructure remain substantial. Internal disclosures show Anthropic recorded a net loss of nearly $42 billion across full-year 2025—up from $8.3 billion in 2024—driven primarily by multi-gigawatt compute leases and reservation contracts. Ahead of the equity filing, Anthropic is also concluding negotiations on a revolving credit facility anticipated to exceed $10 billion.
Governance provisions under review for the public entity include a dual-class share structure featuring super-voting rights, preserving governance authority for Chief Executive Officer Dario Amodei and the core founding team.
