Anthropic has shifted its planned public debut from October to November, with people familiar with the preparations saying the extra time will let the AI developer present third-quarter results to prospective investors. The Wall Street Journal reported the delay, while Reuters separately said the offering could move until after the U.S. midterm elections, though the election was not expected to be a major factor.
The proposed IPO could value Anthropic at roughly $2 trillion and raise up to $100 billion, making it one of the largest public listings on record. Final valuation, share count and proceeds remain subject to change. The company has not yet filed a registration statement, so details such as the exchange, ticker, underwriting banks and number of shares are still unconfirmed.
Anthropic’s annualized revenue exceeded $65 billion by the end of July, up from about $9 billion at the end of 2025. Investors cited by The Wall Street Journal expect annualized revenue to climb above $110 billion by the end of 2026, and Reuters reported that Anthropic has projected roughly $190 billion to $200 billion for 2028. Most of the company’s sales come from Claude subscriptions, application programming interface access and business contracts.
Competitive pressure is a key part of the listing case. Ramp data reported by Reuters showed OpenAI’s GPT-6 Astra holding about 13% of enterprise AI spending compared with 8% for Claude Fable, although Anthropic’s annualized revenue pace still exceeded OpenAI's reported $40 billion rate in July. Anthropic investors also worry OpenAI’s $120 billion financing and delayed 2027 IPO could drain market appetite. Anthropic expects to have about five gigawatts of computing capacity by the end of 2026, expanding to nearly double that by the end of 2027.
AI safety remains part of the debate. Chief executive Dario Amodei has called for slower releases of increasingly capable systems, alongside OpenAI’s Sam Altman and xAI’s Elon Musk. Former Anthropic researcher Jacob Coxon warned that employees at AI firms believe human extinction is possible. Anthropic and Accenture also announced a commitment of at least $2 billion over five years for independent evaluation, red-team testing and safety alignment work.
Circle CEO Jeremy Allaire supported an Anthropic listing, saying public markets require audited accounts, regular reporting, independent board oversight and stronger accountability. Circle completed its New York Stock Exchange debut in June 2025 under the CRCL ticker after raising about $1.05 billion. Allaire said disclosure rules should not replace government regulation of advanced AI.
