Anthropic expects to match or top SpaceX’s record IPO size

Anthropic, the developer behind the Claude AI model, looks poised to surpass the record-breaking IPO size of Elon Musk's SpaceX, according to sources familiar with the matter. The company plans to file for its potential mega-IPO as early as the end of August. While the exact IPO size remains undisclosed, it is expected to match or exceed SpaceX's record-setting initial public offering of US$75 billion, which rose to US$86.2 billion with the overallotment option.

Recent investor briefings by CFO Krishna Rao have avoided discussing valuation. Discussions regarding the IPO are ongoing, and details might change, but Anthropic aims to finalize a revolving credit facility exceeding its US$10 billion target. The company is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase for the IPO, with other banks potentially joining.

Anthropic's target IPO size reflects the transformative impact of the AI industry on tech investment. The company, founded in 2019, raised US$65 billion in May at a valuation of US$965 billion, surpassing OpenAI's valuation of US$852 billion in March when it raised US$122 billion. Despite generating positive adjusted operating income in Q2 2025, Anthropic reported a net loss of nearly US$42 billion in 2025, a five-fold increase from the previous year.

The AI sector has seen rapid revenue growth, with Anthropic reporting preliminary second-quarter revenue of over US$11.5 billion, up from US$787 million in the same period in 2025. The company's growth is driven by its run rate, projecting US$65 billion in full-year revenue by the end of July.

Building more advanced AI systems, such as Anthropic's frontier models, requires significant computing power. The company secured a deal with SpaceX for computing resources valued at tens of billions of dollars over the next three years. Both Anthropic and OpenAI are planning their respective IPOs, with Anthropic targeting an earlier listing in 2026.

Anthropic is considering issuing super-voting shares, which would grant CEO Dario Amodei and his co-founders increased control over the company. The Information first reported this. Ahead of its IPO, Anthropic aims to finalize a revolving credit facility larger than its US$10 billion goal. The company's debut could propel 2026 to become the best year on record for US IPO volume, with over US$160.6 billion raised through August 19, trailing the 2021 high of US$195.2 billion.