Anthropic filed its S-1 registration paperwork in June 2026 and is reportedly targeting a public listing in November 2026. The company aims for a valuation of up to $2 trillion, which would potentially make it the largest IPO in history, surpassing the $1.78 trillion valuation of SpaceX from June 2026.
Financial data for Anthropic shows revenue growth of approximately 12 times in 2025, reaching $4.6 billion. The company may exceed an annualized run rate of $65 billion by mid-2026, despite reporting net losses exceeding $42 billion.
Brian Ruder, co-CEO of Permira, noted that AI labs are currently dominating investor attention, creating challenges for traditional software companies seeking to go public. Investors are increasingly prioritizing AI-native firms, which puts pressure on valuation multiples for legacy software providers.
OpenAI has postponed its potential IPO until at least 2027, with CEO Sam Altman citing safety concerns. Meanwhile, industry discussions are shifting toward agentic AI, which involves systems capable of performing multi-step tasks independently.
