Anthropic Targets November IPO in Potential $2 Trillion Listing

Anthropic is pushing its long-awaited public debut into November, according to fresh reporting, with the Claude maker aiming to price one of the largest IPOs ever attempted just ahead of the U.S. midterms. The delay from an October target reflects both AI-safety debate and a crowded IPO calendar.

The updated timeline

Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest and complete the listing days before the U.S. midterm elections in November. The company had been expected to make its IPO prospectus public as early as next week, but that is now not expected until late September, with plans subject to change.

Anthropic is targeting a November debut, pushing back its prospective timeline past an expected October target amid executive calls for an industrywide development pause.

Valuation and size

The shift pushes back what some investors have said could be a $2 trillion listing, one of the largest IPOs ever attempted and a major test of public-market appetite for the rapidly growing artificial intelligence industry.

Reuters reports the company could raise up to $100 billion at approximately $2 trillion, although both targets are still under discussion. Anthropic raised $65 billion in May at a $965 billion post-money valuation, and its annualized revenue run rate exceeded $65 billion by July’s end, rising from roughly $9 billion in late 2025.

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The strategic backers

Nvidia and Microsoft committed to investing up to $10 billion and $5 billion, respectively, in November 2025, with a portion of the funds already included in the 2026 Series G funding round. Nvidia is considering an investment of up to $10 billion as a potential anchor investor, which would deepen the relationship between Anthropic and a major supplier of graphics processors used for AI workloads.

Alphabet is one of Anthropic’s earlier strategic investors, with cumulative investment exceeding $3 billion as of October 2025, and the two parties also signed a large-scale cloud computing agreement under which Google plans to provide Anthropic with TPU computing power.

Exchange and market context

Anthropic could list on Nasdaq, while the Claude developer targets an October window under plans that still depend on market conditions. The listing would give Nasdaq another major technology name after SpaceX’s market debut earlier this year, though neither Anthropic nor Nasdaq has publicly confirmed the exchange decision.

The offering could come alongside potential listings from other AI companies, including OpenAI. Elon Musk’s SpaceX went public in June at a record $1.77 trillion valuation. For more IPO and market news, keep watching the tape.

Options market and stocks to watch

Watch for reaction across the AI stack as prospectus details, valuation, and anchor commitments come into focus:

NVDA: Watch for flow tied to the reported anchor investment and any read-through on AI compute demand.

MSFT: Watch how Azure exposure and Anthropic’s compute commitments are priced into the cloud narrative.

GOOGL: Watch for any mark-up on Alphabet’s existing Anthropic stake and TPU partnership signaling.

AMZN: Watch for AWS competitive positioning commentary given Anthropic’s multi-cloud footprint.

NDAQ: Watch listing-fee and volume tailwinds if Nasdaq lands the deal.

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