According to information provided by Bloomberg, Anthropic is expected to submit the first public equity document later this month, with a start-up date of October. If this goes well, this AI company will be one of the most important listed projects in the global capital market in 2026.
Higher valuation target
According to the report, the target valuation for Anthropic is approximately $2 trillion, which is higher than the previous valuation level of approximately $1,77 trillion for SpaceX. The sales side allegedly included Morgan Stanley, Goldman Sachs, Morgan Chase and Citi.
- IPO file expected later this month
- Quickest.
- Target valuation of approximately $2 trillion
If the final fund-raiser is larger than SpaceX, the transaction could be a rewriting of this year’s US stock IPO record, and it would be an important window for investors to test the sustainability of AI’s heat.
Large increase but high losses
According to business data, Anthropic is still at a high rate of expansion. The company received over $11.5 billion in initial sales in the second quarter, up 1361 per cent from $787 million in the same period the previous year. As at the end of July, its annualization had reached $65 billion.
However, profitability remains the focus of market attention. The report mentions that Anthony recorded a net loss of $42 billion in 2025, up from about $8.3 billion the previous year. Although the business profits of the company have been corrected in the second quarter of the year, the training and development of advanced AI systems will require significant and sustained investment.
Capital markets focus on diversion
It was also reported that Anthropic had signed a computing resource agreement with SpaceX and that the size of the contract could reach tens of billions of dollars over the next three years. This means that companies will continue to bear higher infrastructure costs during the expansion phase.
In May this year, Anthropic completed financing of $65 billion with a valuation of about $965 billion, which is already above OpenAI ' s March funding level of about $85.2 billion. If IPO moves on target, the market focus will not only be on AI itself, but also on whether it will attract part of the global stock, bond and digital asset markets, like large-scale financing for technology.
Another variable is the U.S. mid-day election on November 3. It was suggested that at that time, the risk bias and the pacing of subscriptions by investors could have an impact on the final performance of the transaction.