Anthropic is targeting a public debut as early as mid-November, according to people familiar with the matter, in a move that would allow its shares to begin trading before the Thanksgiving holiday.
The artificial intelligence company behind the Claude family of models could start formal marketing for the initial public offering as soon as the week of November 9, sources told Bloomberg.
Anthropic had previously been positioned for a potential listing after the summer and later shifted expectations toward October before settling on a November window.
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Company executives and advisers wanted to present investors with a fuller set of third-quarter financial results before launching the roadshow.
Deal activity in the IPO market typically slows sharply around the Thanksgiving period, which falls on November 26 this year, making the pre-holiday window strategically important.
Anthropic is still expected to complete its public-market debut by the end of 2026 even if the precise mid-November target shifts slightly. The offering is shaping up as one of the largest in market history.
Prospective investors have discussed valuations in the range of $1.8 trillion to $2 trillion, a figure that would match or exceed the size of SpaceX’s earlier debut and rank among the biggest IPOs ever.
The company, founded in 2021 by former OpenAI researchers including CEO Dario Amodei, has attracted major backing from Amazon and Google and has positioned Claude as a leading alternative in the competitive generative AI landscape.
In 2025, it generated roughly $4.6 billion in revenue, a sharp increase from the prior year, while recording a net loss of nearly $42 billion.
Operating losses also widened as the company invested heavily in computing infrastructure and model training. More recent internal figures have pointed to a much higher annualized revenue run rate later in 2026, reflecting accelerating enterprise adoption.
Anthropic’s potential public listing is emerging as one of the most closely watched events in the artificial intelligence and technology markets, as investors weigh the company’s rapid revenue growth against the enormous costs required to compete in the frontier AI race.
The Claude developer is reportedly considering a valuation of up to $2 trillion and could seek to raise as much as $100 billion through an initial public offering. The company has also reportedly selected Nasdaq as its preferred listing venue.
The potential IPO has attracted attention because Anthropic’s growth has been accompanied by an equally dramatic increase in its spending requirements
The planned listing comes amid intense competition with OpenAI and other AI developers, as well as ongoing industry discussions about the scale of capital required to train and deploy advanced models.
For investors, the central question is whether Anthropic’s rapidly expanding AI business can eventually generate enough revenue and margins to justify the enormous capital being deployed today.
Some analysts have pointed to customer concentration, potential shareholder dilution and the company’s significant infrastructure obligations as risks that could become more important once Anthropic is subject to public-market scrutiny.
Anthropic has emphasized safety and responsible development in its public messaging, themes that have also appeared in materials prepared for the offering process. Deliberations around final timing and terms remain fluid, sources cautioned, and the company has not yet publicly confirmed the schedule.
If successful on the targeted timeline, the IPO would mark a major milestone for the AI sector, bringing one of its most prominent private players onto public markets and offering investors a direct way to participate in the technology’s commercial expansion.