Anthropic IPO Eyes Historic Raise Above SpaceX's $86B Record as AI Race Intensifies

Reports: Anthropic aims above SpaceX in soon-to-come IPO

Investors hope Anthropic would be valued at $2trn or more - doubling its initial target and dwarfing SpaceX on the way. Anthropic's upcoming blockbuster initial public offering could match or exceed funds raised by SpaceX, more sources have confirmed with Bloomberg, as the five-year-old AI company reportedly aims for a listing as soon as the end of August. Earlier this month, the Financial Times reported investors' expectations that Anthropic would be valued at $2trn or more - doubling its initial target of $1trn and dwarfing SpaceX as the largest public listing in history. Details of the IPO plans have been kept guarded, with the company yet to fix on a valuation. Anthropic was last valued at $965bn after a $65bn Series H in May. Backers - including venture capitalists, other industry giants and institutional investors - have poured nearly $100bn into Anthropic just this year, fuelling the business as it looks to build its own AI chips to keep up with the surging demand for its AI products. The company's state-of-the-art Claude models are a repeat headline-maker, competing for industry dominance with its biggest rival, OpenAI, which also hopes to go public soon. And despite the growing crop of cheaper Chinese models - especially in the open weights category - showcasing similar capabilities, investors seem confident in their support for the US giant. Last month, AMD pledged $5bn to Anthropic and gave the AI giant access to 2GW of its latest-generation chips. In April, Amazon announced plans to invest $25bn into Anthropic - and Anthropic, in turn, pledged to spend around $100bn on the e-commerce juggernaut's cloud technologies. The AI giant does not share figures on its user-base, but Statista placed total Claude monthly users globally at around 245m as of June. Comparatively, OpenAI's ChatGPT reached 1bn users in May. Anthropic trumped OpenAI's valuation earlier this year, owing to its growing share of the more lucrative enterprise sector. A March analysis found that Anthropic was capturing more than 73pc of first-time enterprise AI customers, with OpenAI only holding around 26pc. These expectations for massive valuations come as a result of Anthropic's rapidly growing revenue, which reportedly hit roughly $11bn in the second quarter of this year - more than double the $4.8bn of the first quarter. The company posted a net loss of $42bn for the entirety of 2025. Despite this, backers expect rapidly growing sales to reach an annualised revenue of between $100bn and $120bn this year. Don't miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic's digest of need-to-know sci-tech news.

Report: Anthropic hopes to surpass SpaceX's record IPO raise when it finally goes public

Report: Anthropic hopes to surpass SpaceX's record IPO raise when it finally goes public Anthropic PBC is privately hoping its upcoming initial public offering will match or even surpass the size of SpaceX Corp.'s record-breaking IPO as it doubles-down on its bid to go public ahead of its rival OpenAI Group PBC. Anonymous sources who are familiar with the artificial intelligence model maker's plans told Bloomberg that it's hoping to file for its IPO by the end of this month. But in recent investor briefings led by its chief financial officer Krisha Rao, executives refused to be drawn on questions of a valuation. SpaceX raised an incredible $75 billion when it went public in June, becoming the biggest public share sales of all time. However, the true number is expected to reach $86.2 billion due to a so-called overallotment option, which can be executed if shares rise shortly after trading begins. Discussions around Anthropic's IPO, including the size of the offering, are still ongoing and the company's plans could change, the sources told Bloomberg. But privately, senior executives are hopeful that the company can outperform SpaceX. Anthropic's target underlines the immense amount of capital that has been poured into the company and the wider AI industry. The Claude model maker last raised $65 billion in May at a valuation of $965 billion, surpassing OpenAI's $852 billion valuation, which came in March when it raised $122 billion. Despite its lofty ambitions, there's a lot of ambiguity over the state of Anthropic's finances. Although it recently leaked some numbers suggesting it had managed to squeeze out a small operating profit in the second quarter, Anthropic posted a net loss of nearly $42 billion in 2025, up from $8.3 billion in the year before. But demand for Anthropic's products has been growing at an impressive rate, as demonstrated by its rapidly growing revenue. In the second quarter, it generated more than $11.5 billion in sales, up from just $787 million in the same period one year earlier. Meanwhile, its revenue run rate, which predicts annual sales based on recent performance, topped $65 billion at the end of July. The concern for those considering investing in Anthropic, and also OpenAI, is that the companies have made enormous commitments regarding the infrastructure needed to run their AI models. The task of training and running frontier models is extremely expensive, and both Anthropic and OpenAI spend billions of dollars on compute each month. In a recent deal, Anthropic agreed a three-year deal to buy computing resources from SpaceX that could be worth tens of billions of dollars. Nonetheless, the report suggests that Anthropic is now in the lead as it strives to beat OpenAI to the public market. Both companies have already filed confidentially for their respective listings, but Anthropic is pushing to get it done much sooner, while OpenAI Chief Executive Sam Altman is reportedly now considering holding off until 2027 due to his insistence on a $1 trillion valuation, which is not yet feasible. Ahead of its IPO, Anthropic is looking to finalize a revolving credit facility that would raise more than its target of roughly $10 billion, Bloomberg's sources said. The company is working with banks including Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. on its IPO. As part of their preparations for the listing, Anthropic CEO and his fellow co-founders are reportedly also considering giving themselves "super-voting" shares that would ensure they retain control over the company, Bloomberg's sources said. SpaceX founder Elon Musk issued himself the same kind of shares to ensure he remains in overall control of his company.

Anthropic expects to match or top SpaceX's record IPO size

Anthropic expects to match or beat the size of SpaceX's record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom. The Claude developer is running the numbers as it prepares to file publicly for its potential mega-IPO as soon as the end of this month, the people said. Recent investor briefings led by Chief Financial Officer Krishna Rao skirted the question of valuation, they said. Elon Musk's rocket and satellite firm raised $75 billion at the outset, making it the biggest first-time share sale ever, data compiled by Bloomberg show. The final figure increased to $86.2 billion with the so-called overallotment option, which is typically exercised if shares rise in early trading.