Anthropic Eyes an IPO Bigger Than SpaceX’s $75B Record Float

Anthropic is privately targeting an IPO that would match or beat SpaceX's $75 billion float from June 2026, the largest public share sale on record. According to anonymous sources cited by Bloomberg, the Claude maker plans to file for its listing by the end of August 2026. The company last raised money in May at a $965 billion valuation. Its quarterly revenue hit $11.5 billion in Q2, up from $787 million in the same quarter a year prior, while its annualised revenue run rate crossed $65 billion by the end of July.

What happened

Data point	Detail
SpaceX IPO size (record)	$75B raised in June 2026; up to $86.2B with overallotment option
Anthropic last valuation	$965B (May 2026 funding round)
Anthropic last raise	$65B in May 2026
Anthropic Q2 2026 revenue	$11.5B (vs. $787M in Q2 2025)
Anthropic revenue run rate	Topped $65B at end of July 2026
Anthropic net loss 2025	~$42B (vs. $8.3B the year before)
Target credit facility	More than ~$10B revolving credit
IPO banks	Morgan Stanley, Goldman Sachs, JPMorgan Chase
OpenAI last valuation	$852B (March 2026, $122B raise)

According to Bloomberg sources cited by SiliconANGLE, Anthropic executives briefed investors recently led by CFO Krisha Rao but declined to discuss a specific valuation. The sources described the planning as ongoing and subject to change.

SpaceX’s June 2026 float raised $75 billion in the primary offering. That figure could reach $86.2 billion if an overallotment option is exercised, which kicks in when shares rise shortly after trading begins. Anthropic’s internal target, according to Bloomberg’s sources, is to at least match that number.

To prepare for the listing, Anthropic is finalising a revolving credit facility (a pre-arranged borrowing line that companies use for flexibility) worth more than $10 billion. Morgan Stanley, Goldman Sachs, and JPMorgan Chase are working on the deal. CEO Dario Amodei and fellow co-founders are also reportedly weighing super-voting shares, a structure that gives founders more votes per share than ordinary investors receive. Elon Musk used the same structure when SpaceX went public.

Why it matters

Anthropic’s revenue growth is striking on paper. Going from $787 million in a single quarter to $11.5 billion in twelve months is the kind of trajectory that makes public market investors take notice. A $65 billion annualised run rate puts it in the same conversation as established enterprise software giants.

But the losses are a real concern. A $42 billion net loss in 2025 reflects the brutal economics of running frontier AI models. Training and inference at this scale costs billions in compute every month. In a recent deal, Anthropic agreed to buy computing resources from SpaceX over three years in a contract worth tens of billions of dollars. That is a significant forward commitment landing on the balance sheet before the company has public investors to account to.

The race with OpenAI is also shaping the timeline. Both companies have already filed confidentially for their listings. But according to Bloomberg’s sources, OpenAI CEO Sam Altman is now considering waiting until 2027, holding out for a $1 trillion valuation that the market has not yet validated. That hesitation gives Anthropic a window to be first, which matters for narrative and momentum when both are competing for the same pool of AI-focused institutional capital.

For anyone tracking the broader competitive dynamics between Anthropic and OpenAI, this move signals that Anthropic is betting its public debut will define how the market values AI model companies for years to come.

Our take

The revenue numbers are real and the growth rate is hard to argue with. But the loss figure deserves more scrutiny than it usually gets in IPO coverage. A $42 billion net loss in a single year means Anthropic is burning through cash at a rate that makes even aggressive AI spending look extraordinary. A small Q2 operating profit is encouraging, but one quarter does not a turnaround make.

The super-voting share structure is worth watching closely. It is standard in tech IPOs now, but it also means that public investors at this scale would have limited ability to hold leadership accountable. For a company that positions itself around safety and responsible AI development, that governance tension is worth flagging.

If you are a business currently building on Claude via the API, this IPO timeline matters. Public companies face different pressures on pricing, roadmap, and enterprise commitments. Businesses that rely on AI integrations built around Anthropic’s models should monitor what new contractual terms or pricing changes might follow a public listing.

What to do about it

1. Review your current API contracts with Anthropic or any reseller. Understand what pricing protections, if any, you have locked in before a public offering changes the commercial calculus.
2. Audit which workflows depend exclusively on Claude. Single-vendor dependency on a company mid-IPO is a risk worth mapping now.
3. Watch for the S-1 filing. When Anthropic files publicly, the full financial picture including cost structure and forward commitments will be disclosed for the first time.
4. Track OpenAI’s filing status in parallel. If both go public within months of each other, competitive pricing pressure between them could benefit enterprise buyers.

An Anthropic S-1 will be the most detailed look yet at what it actually costs to run a frontier AI business. Read it carefully before renewing any long-term AI spend.

Source: Bing News · OpenAI