Anthropic PBC is preparing to file for an initial public offering as soon as late August 2026, aiming to match or exceed SpaceX Corp.’s record-setting $75 billion public debut. Led by Chief Financial Officer Krishna Rao, Anthropic is working with major banks and seeking a $10 billion credit facility. Despite a $42 billion net loss in 2025, Anthropic's Q2 2026 revenue surged to $11.5 billion, fueling its race against rival OpenAI Group PBC to go public.
Anthropic IPO filing timeline
- ▪Anthropic PBC is working with investment banks including Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co. to prepare for its initial public offering
- ▪Anthropic PBC is working to finalize a revolving credit facility targeting more than $10 billion ahead of its initial public offering, according to sources familiar with the matter
- ▪Anthropic PBC is planning to file publicly for its initial public offering as soon as the end of August 2026, according to sources familiar with the matter
- ▪Anthropic PBC Chief Financial Officer Krishna Rao led recent investor briefings in August 2026 but refused to address questions regarding the company's valuation
SpaceX IPO size comparison
- ▪SpaceX Corp. raised $75 billion in its June 2026 initial public offering, with the total expected to reach $86.2 billion through an overallotment option
- ▪Anthropic PBC expects its upcoming initial public offering to match or exceed the size of SpaceX Corp.'s record-setting public share sale, according to sources familiar with the matter
AI infrastructure spending costs
- ▪Anthropic PBC posted a net loss of nearly $42 billion in 2025, an increase from a net loss of $8.3 billion in 2024
- ▪Anthropic PBC agreed to a three-year deal to purchase computing resources from SpaceX Corp. that could be worth tens of billions of dollars
- ▪Anthropic PBC and OpenAI Group PBC each spend billions of dollars monthly on computing infrastructure to train and run their frontier artificial intelligence models
Anthropic revenue growth metrics
- ▪Anthropic PBC reached an annual revenue run rate exceeding $65 billion at the end of July 2026
- ▪Anthropic PBC generated more than $11.5 billion in sales during the second quarter of 2026, up from $787 million in the second quarter of 2025
- ▪Anthropic PBC raised $65 billion in May 2026 at a valuation of $965 billion
OpenAI public listing competition
- ▪Both Anthropic PBC and OpenAI Group PBC have filed confidentially for public listings, but OpenAI Chief Executive Officer Sam Altman is reportedly considering delaying its listing until 2027
- ▪Anthropic PBC is pushing to complete its initial public offering ahead of rival OpenAI Group PBC, which raised $122 billion in March 2026 at an $852 billion valuation
Super-voting share structures
- ▪Anthropic PBC co-founders are considering issuing themselves super-voting shares to retain control of the company post-initial public offering, according to sources familiar with the matter
- ▪SpaceX Corp. founder Elon Musk issued himself super-voting shares to maintain overall control of his company
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