Anthropic is preparing for a historic initial public offering that could value the artificial intelligence startup at $2 trillion, potentially matching or exceeding the record-setting debut of SpaceX. Led by CFO Krishna Rao, the company is holding preliminary investor meetings as its annualized revenue run rate surged to $65 billion in July 2026. However, Anthropic plans to list public backlash against AI and widespread local opposition to data center construction as key material risk factors in its upcoming prospectus, reflecting growing political and societal resistance.
Anthropic IPO preparation
- ▪During preliminary meetings, investors and bankers have questioned Anthropic Chief Financial Officer Krishna Rao about competition, margin pressure from open-source models, and potential slowdowns in data center construction.
- ▪Anthropic confidentially filed for an initial public offering in June 2026 and is preparing for a public debut that could occur before the end of 2026.
- ▪Anthropic is considering a share structure that would grant extra voting power to Chief Executive Officer Dario Amodei and his six co-founders, allowing them to retain control despite Amodei owning only about 2 percent of the company.
- ▪Anthropic is preparing a revolving credit facility expected to exceed $10 billion, with banks competing for positions in the facility and roles in the upcoming IPO.
- ▪Anthropic Chief Financial Officer Krishna Rao has been holding preliminary, confidential "test-the-water" meetings in San Francisco with bankers and investors ahead of the public release of the company's IPO prospectus.
SpaceX record comparison
- ▪Anthropic expects the size of its initial public offering to match or exceed the record set by SpaceX, which raised $75 billion at the outset and $86.2 billion including the overallotment option.
- ▪SpaceX's AI division reported an adjusted operating loss of $741 million in its latest quarter, an improvement from a $2.09 billion loss in the first quarter of 2026.
Revenue growth projections
- ▪Anthropic reached an annualized revenue run rate of $65 billion by the end of July 2026, up from $47 billion in May 2026 and approximately $9 billion at the end of 2025.
- ▪Anthropic is projecting revenue of approximately $190 billion to $200 billion for the year 2028, according to reports citing people familiar with the company's financials.
- ▪Anthropic was projected to post an adjusted operating profit of $559 million on revenue of at least $10.9 billion in the second quarter of 2026.
- ▪Anthropic generated more than $11.5 billion in preliminary second-quarter 2026 revenue, compared with $787 million in the second quarter of 2025.
Valuation expectations
- ▪Investors and bankers are using SpaceX, Palantir, and Cloudflare as valuation benchmarks for Anthropic, applying enterprise value-to-revenue multiples to Anthropic's long-term projections.
- ▪Anthropic was valued at $965 billion in its private funding round in May 2026, and some investors project its public IPO valuation could reach approximately $2 trillion.
AI backlash risk disclosure
- ▪Politicians on both sides of the aisle have increasingly campaigned against artificial intelligence and data center development ahead of the 2026 midterm elections.
- ▪Anthropic's upcoming IPO prospectus is expected to explicitly list public backlash and antipathy toward artificial intelligence as a key material risk factor.
Data center public opposition
- ▪A Gallup survey published in May 2026 revealed that seven in 10 Americans oppose the construction of AI data centers in their local areas, with nearly half strongly opposed.
- ▪Florida Representative Byron Donalds won the Republican gubernatorial primary after proposing restrictions on data centers, while Pennsylvania Democratic Governor Josh Shapiro signed an executive order imposing strict standards on data center development.
Story comments
Loading comments…