Anthropic IPO Shifts To Mid-October As $2 Trillion Valuation, $15 Billion Credit Deal Loom

Anthropic’s highly anticipated initial public offering (IPO) is now expected to begin marketing in mid-October at the earliest, setting the stage for what could become one of the biggest stock-market debuts in history, according to people familiar with the matter.

The artificial intelligence company had earlier been expected to make its IPO prospectus public as soon as early September. That timeline has now shifted to late September, with the final schedule still subject to regulatory reviews, market conditions and other preparations. The listing could be completed only days before the US midterm elections in November.

Anthropic is reportedly targeting a valuation of up to $2 trillion, potentially surpassing SpaceX’s recent record-setting public-market valuation and making the Claude maker’s debut a major test of investor appetite for AI companies.

A key part of Anthropic’s preparations is a proposed $15 billion revolving credit facility, which is nearing finalisation. Morgan Stanley is leading the financing, with other major banks involved. The facility is significantly larger than Anthropic’s earlier credit arrangements and underscores the enormous capital requirements of developing and operating advanced AI systems.

Anthropic’s rapid revenue growth is another major factor behind the IPO expectations. Its annualised revenue rate has reportedly reached around $65 billion, although that figure has fallen short of some aggressive investor forecasts of $80 billion. Differences in how Anthropic and rivals such as OpenAI account for cloud-partner revenue will likely receive close scrutiny once the IPO filing becomes public.

Morgan Stanley and Goldman Sachs are also nearing key underwriting roles, with JPMorgan, Citigroup and Barclays expected to participate. Morgan Stanley is reportedly in line for the influential lead-left position.

The IPO will also put Anthropic’s unusual Long-Term Benefit Trust under investor scrutiny. The trust appoints a majority of the company’s board and is designed to protect Anthropic’s long-term AI-safety mission, raising questions about how those priorities will coexist with public-market pressure for profits.

With Anthropic also committing heavily to AI computing infrastructure, its eventual prospectus is expected to provide investors with a much clearer picture of its revenue, costs, capital needs and path to profitability.