Rumor has it that Anthropic will launch an IPO in mid-November as soon as possible, with a valuation of 2 trillion US dollars and plans to enter US stocks before Thanksgiving

The Zhitong Finance App learned that according to people familiar with the matter, artificial intelligence (AI) company Anthropic is seeking to launch an initial public offering (IPO) in mid-November as soon as possible and is aiming to officially enter the US stock market before the US Thanksgiving holiday on November 26. Despite the recent rise in AI security controversy and competitor OpenAI's postponement of listing plans, Anthropic is still advancing preparations for the IPO. Some potential investors believe that the company's reasonable valuation could reach $1.8 trillion to $2 trillion.

People familiar with the matter said that Anthropic, which owns the Claude series of AI models, may launch the official IPO promotion process as soon as November 9, creating conditions for trading to begin before Thanksgiving. Since trading activity in the US capital market usually slows significantly around Thanksgiving, the company hopes to complete its listing before the holiday season.

Anthropic has previously postponed the original listing schedule, but people familiar with the matter said that the company still expects to complete the listing by the end of this year at the latest. However, related discussions are still ongoing, and the specific schedule may continue to be adjusted.

Accelerate listing plans to meet with potential investors on October 14

Anthropic's preparations for the launch are progressing gradually. According to people familiar with the matter, the company plans to hold a meeting with potential investors at its San Francisco headquarters on October 14 to prepare for the upcoming IPO. Earlier, it was reported that Anthropic originally planned to publicly submit the IPO application documents after the summer, but the listing process was later delayed.

According to the schedule currently being discussed, the company may launch an official promotion in the week of November 9 and aim to complete the stock listing transaction before Thanksgiving Day on November 26. However, people familiar with the matter stressed that the relevant arrangements have not yet been finalized, and the specific listing date may still change.

If Anthropic can advance the IPO according to the current plan, it will mean that the company is still choosing to accelerate its entry into the open capital market against the backdrop of recent delays in the listing of many companies in the IPO market.

The IPOs with a valuation of up to $2 trillion are expected to be comparable to SpaceX

Although the AI industry has recently faced challenges such as security disputes and increased competition, Anthropic's potential investors still seem to have high expectations for its long-term development prospects. Some people familiar with the matter revealed that some potential investors believe Anthropic's reasonable valuation could be between $1.8 trillion and $2 trillion.

Earlier, it was reported that Anthropic expects the funding scale of this IPO to reach or exceed the record listing scale of SpaceX (SPCX.US). If the relevant valuation expectations are finally approved by the market, Anthropic will rank among the world's highest listed technology companies by market capitalization.

However, the valuation range currently disclosed mainly comes from the judgment of some potential investors, and does not mean that Anthropic has determined the IPO issuance price or final valuation. In fact, market valuation will still depend on the market environment, investor demand, and issuance arrangements.

Revenue increased sharply in 2025, but net loss was close to US$42 billion

Anthropic's rapidly expanding business scale is one of the important factors supporting its high valuation expectations. However, the company's continued expansion of losses may also become a key concern for investors during the IPO process. According to previously disclosed financial documents, Anthropic achieved revenue of approximately US$4.6 billion in 2025, a significant increase from US$386 million in 2024. Meanwhile, the company's net loss in 2025 was close to US$42 billion, about five times the net loss of US$8.3 billion in 2024.

It's worth noting, however, that Anthropic's huge net loss did not come entirely from day-to-day operating expenses. According to relevant documents, losses due to changes in the fair value of the company's liabilities in 2025 exceeded US$34 billion, accounting for the vast majority of net losses for the whole year.

From an operating perspective, Anthropic lost more than 8 billion US dollars during the same period, reflecting that the company still bears high costs in model research and development, computing power infrastructure, and business expansion.

This means that although Anthropic's revenue is growing rapidly, its business model is still challenging to achieve stable profits. For potential IPO investors, how to evaluate the relationship between rapidly growing revenue and continued high investment will be an important factor in judging the company's valuation.

OpenAI competitive pressure picks up, AI security disputes increase listing uncertainty

In addition to financial performance, Anthropic is also facing pressure from competitors. Since this year, Anthropic's influence in the cutting-edge AI model market has continued to increase, but recently OpenAI's sales growth momentum has increased, further intensifying competition between the two sides.

At the same time, a series of cyber attacks on AI agents have received widespread attention, raising public concerns about the security of advanced AI systems and increasing market uncertainty about the prospects for related companies to go public.

Anthropic CEO Amodei recently published an article on his personal website advocating slowing down the development of cutting-edge AI models in order to more fully address potential security risks. Its main competitor, OpenAI, has delayed its IPO plans. OpenAI CEO Sam Altman said that considering current AI security issues, it is unwise to proceed with the listing at this time.

Unlike OpenAI's choice to suspend listing, Anthropic is currently still promoting the IPO process, showing the two companies' different choices in terms of capital market arrangements. However, it remains to be seen whether AI security issues will affect Anthropic's investor demand, valuation level, and final listing time.

The performance of the US stock IPO market is divided, and many companies have postponed listing

As Anthropic prepares to go public, the US IPO market is facing some pressure. Recently, many companies have postponed their listing plans due to differences in valuation or changes in the market environment. Among them, smart ring manufacturer Oura became the third company in a few weeks to officially postpone its listing a few hours before the original initial stock offering. Earlier, some potential investors expressed doubts about its fully diluted valuation target of about $15 billion.

At the same time, the overall performance of IPOs listed this year was also relatively weak. According to the data, if SpaceX and SK Hynix's record listing deals are excluded, the weighted average return of more than 100 newly listed stocks this year is negative 4%. In contrast, the S&P 500 has risen about 12% since this year, and the Nasdaq 100 index, which is dominated by technology stocks, has risen about 20%.

This performance gap shows that despite the strong overall performance of large US technology stocks, newly listed companies may not be able to gain the same level of market popularity, and investors are still cautious about IPO valuations and profit prospects.

In this context, whether Anthropic can attract sufficient investor demand with its rapidly growing AI business and gain market recognition for its high valuation will become an important point of interest in its IPO promotion process.