Anthropic is pushing for listing. Bloomberg quoted sources as saying that the AI company that developed Claude could raise funds on a scale close to or even greater than SpaceX’s 85.7 billion-dollar record in June this year. If progresses well, the public declaration documents may be submitted as early as the end of August.
This means that the U.S. capital market may again receive a very large AI financing. For investors, the focus is not only on the size of the issue, but also on the rate of growth, losses and infrastructure inputs that underpin model training and reasoning.
Early or late August submission
It was mentioned that the Chief Financial Officer of Anthropic, Krishna Rao, had not publicly disclosed the target valuation or specific fund-raising amount, so that the current external judgement on the scope of the transaction was still largely informed.
If the company formally submits the listed documents, for the first time the market will see more complete financial information, including audited statements, profit margins, cash consumption and long-term computing and infrastructure commitments. These data will be of more reference value than private market valuation.
Private valuation is high.
When Anthropic entered the IPO phase, the private market was already quite strong. The company completed a round of financing in May this year, raising $65 billion, with a post-investment valuation of $965 billion. Institutions such as Altimeter, Dragoneer, Greenoaks and Sequia were involved in the round.
The company stated at that time that its annualized operating rate had exceeded $47 billion. Reuters subsequently reported that by the end of July that figure had risen to over $65 billion, while at the end of 2025 it was about $9 billion.
SpaceX provides a volatile sample.
This set of data explains why Anthropic was used to compare with the listing of large technology companies rather than being listed with ordinary software companies. The continued warming of the AI plate has also made the financing capacity of such high-growth companies an important focus of the United States stock market.
SpaceX quickly became a market reference after completing $85.7 billion in financing in June this year. But too large a distribution does not mean that stock prices will continue to grow. The report mentions that the relevant stocks had risen sharply after they had been listed and then collapsed at $135, indicating that high-heat projects could still experience significant fluctuations in the pricing phase.
It was also mentioned that some encryption platforms had introduced monetized or consolidated open products linked to unlisted AI companies, but that such products did not confer real equity or voting rights on holders. Therefore, if Anthropic actually initiates a public listing, the market will have a more direct pricing basis than private valuation and off-site alternatives.