Anthropic is preparing to publicly file its IPO prospectus with the Securities and Exchange Commission as soon as this week, according to people familiar with the company's plans, a procedural step that would clear the way for what bankers expect to be the largest stock market debut in history.
The AI company, which makes the Claude chatbot and underlying models, confidentially submitted a draft registration statement to the SEC back in June. Under SEC rules, companies that use that confidential process must make their full registration materials public at least 15 calendar days before launching their investor roadshow — meaning a filing this week would point toward a roadshow starting around November 7 and a potential listing before Thanksgiving.
A Test of Investor Appetite for AI
The offering is expected to surpass SpaceX's own blockbuster IPO in June, and Wall Street has cast it as a crucial gauge of whether public investors still have appetite for AI bets after a year of mounting unease over the industry's spending. According to figures reported by the Wall Street Journal, Anthropic brought in $16.3 billion in revenue in the first half of 2026 but posted a net loss of more than $80 billion — a figure dominated by a roughly $72 billion non-cash accounting charge tied to convertible bonds rather than operating costs. The company has told investors that third-quarter revenue rose to $16.8 billion from $11.5 billion a year earlier, and that it is now profitable on an adjusted basis.
Estimates of where the IPO might ultimately price have moved around considerably. Some bankers have floated Anthropic raising as much as $100 billion at a roughly $2 trillion valuation, while more recent investor discussions have reportedly centered on a lower figure, closer to $1.2 trillion. Anthropic did not respond to a request for comment on the timing of its filing.
A Rougher Market for AI Listings
The timing is not without risk. The IPO market for AI and data-center-adjacent companies has gotten noticeably tougher in recent weeks: South Korean data center operator Elice fell 32% on its first day of trading, and Nvidia-backed Firmus Grid shelved its own listing plans altogether. Those stumbles, alongside a broader selloff in AI-linked stocks this week, are exactly the kind of market backdrop that can push a company to either delay a listing or price it more conservatively than its backers would like.
Still, Anthropic has pushed ahead with the procedural steps toward going public even as it continues building out commercial partnerships — including, this fall, a push with Visa and Mastercard to let retailers build AI shopping agents on Claude — that are meant to demonstrate the kind of durable revenue growth public investors will be watching closely once the company's full financials are finally out in the open.
