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

Anthropic PBC is on track to match or surpass SpaceX’s record-setting initial public offering (IPO) size, according to sources familiar with the matter. As the artificial intelligence boom continues to drive investor demand, the Claude developer is preparing to file for its potential mega-IPO as soon as the end of this month. Recent investor briefings led by Chief Financial Officer Krishna Rao have avoided discussing valuation.

SpaceX's IPO in May raised $75 billion, making it the largest first-time share sale ever, with the overallotment option increasing the final figure to $86.2 billion. Anthropic's target IPO size of $65 billion, equivalent to a $965 billion valuation, surpasses rival OpenAI's valuation of $852 billion achieved in March when it raised $122 billion.

Despite reporting positive adjusted operating income for the second quarter, Anthropic had a net loss of almost $42 billion in 2025, a fivefold increase from $8.3 billion the previous year. The high cost of building advanced AI systems is a challenge for companies like Anthropic, which saw preliminary second quarter revenue of over $11.5 billion, up from $787 million in the same period last year.

A revolving credit facility is being finalized, exceeding its roughly $10 billion target. Morgan Stanley, Goldman Sachs Group Inc, and JPMorgan Chase & Co are among the banks advising on the IPO, with the possibility of additional participation from other financial institutions. Anthropic is also considering super-voting shares, which would grant greater control to CEO Dario Amodei and his co-founders.

The IPO could mark the start of 2026 as the biggest year on record for US IPO volume, with $160.6 billion raised through August 19, trailing 2021's high of $195.2 billion.