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

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

2 sources