Anthropic delays IPO plans to October

The latest plans could see Anthropic completing its listing days before the US mid-term elections in November.

Anthropic is expected to delay its initial public offering to mid-October at the earliest, Reuters news reported late last week.

The delay pushes plans back by a month, according to sources, who told Reuters that the AI giant initially aimed to make its IPO prospectus public as early as this week.

The latest plans would see Anthropic completing its listing days before the US mid-term elections in November. The IPO process was initially expected to kickstart before the end of August.

Anthropic is expected to make a historical IPO debut, with investors hoping the company rakes in $75bn or more, surpassing SpaceX as the largest listing.

Last month, the Financial Times reported investors’ expectations that Anthropic would be valued at $2trn or more – doubling its initial target of $1trn and dwarfing Elon Musk’s AI space-tech company. Anthropic was last valued at $965bn after a $65bn Series H funding round in May.

Expectations for lofty valuations are backed up by Anthropic’s rapidly growing revenue, which reportedly hit roughly $11bn in the second quarter of this year – more than doubling the $4.8bn it recorded in the first quarter.

The company posted a net loss of $42bn for the entirety of 2025. Despite this, backers expect rapidly growing sales to reach an annualised revenue of between $100bn and $120bn this year.

As part of the IPO process, Anthropic is looking to ​finalise a $15bn revolving credit facility, Reuters reported. Sources further told the publication that Morgan Stanley, ⁠Goldman Sachs, ​JPMorgan and Citi are among the banks working with the AI giant on the IPO.

Last month, a US judge blocked the Pentagon’s blacklisting of Anthropic’s products for government use, handing the AI company a major win ahead of its plans to go public. The company sued the US government in March after its refusal to lower guardrails on its AI models led to an abrupt ‘supply chain risk’ designation.

In the 27 August ruling, the judge said that the Pentagon’s actions threatened to harm Anthropic and quell public debate around its actions.

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