Anthropic expects its IPO to match or exceed SpaceX’s record $75bn raise, and could file publicly as soon as the end of this month. It made a net loss of almost $42bn in 2025, five times the year before.
Anthropic expects its stock market debut to match or beat the largest one ever held. SpaceX raised $75bn in June, and people familiar with Anthropic’s preparations say it is working towards that scale or above it.
A public filing could arrive within weeks. Investor briefings led by chief financial officer Krishna Rao have avoided the question of valuation, and the company could file as soon as the end of this month.
The comparison with SpaceX is not only about size. Anthropic buys computing capacity from SpaceX under an agreement that could be worth tens of billions over three years, so it would be matching the listing of one of its own suppliers.
The revenue growth behind the ambition is real. Preliminary second quarter revenue passed $11.5bn against $787mn in the same period last year, and the annualised run rate reached $65bn by the end of July.
