Anthropic moves toward IPO before Thanksgiving

Anthropic is preparing to hold a Pre-IPO Investor Day on October 14 at its San Francisco headquarters, where invited institutional investors are expected to question company executives. The company may begin formal IPO marketing as early as the week of November 9th and is aiming to start trading before Thanksgiving in the United States on November 26.

Some potential investors believe Anthropic could reasonably be valued between $1.8 trillion and $2 trillion, a level that would put it among the world’s largest AI companies by market capitalization. A public debut would also offer investors a major benchmark for generative AI valuations as OpenAI delays its own listing plans while seeking at least $30 billion in new funding at a valuation of around $1.4 trillion.

Anthropic’s growth case rests heavily on enterprise demand for Claude, which has been adopted by software developers, banks, hedge funds and companies including Salesforce. Its revenue for 2025 is expected to reach about $4.6 billion, up from $386 million in 2024, while its net loss is close to $42 billion. The company is also expanding infrastructure spending, including a computing resource agreement worth about $11.6 billion with Akamai.