Anthropic Targets Mid-November IPO Before Thanksgiving as Investors Eye $1.8 to $2 Trillion Valuation

Anthropic is seeking to go public as soon as mid-November, according to Bloomberg and Yahoo Finance, with formal marketing for the offering possibly starting the week of November 9. Bloomberg reported the AI company is targeting a mega-IPO before the Thanksgiving holiday, which would put the start of trading ahead of November 26. Deliberations are ongoing and the timeline could shift, Bloomberg said, though Anthropic still expects to debut no later than year-end. Anthropic is set to meet prospective investors on October 14.

Prospective investors see a fair valuation in the $1.8 trillion to $2 trillion range, per Bloomberg, and Yahoo Finance described a valuation of up to $2 trillion as potentially the largest IPO of all time. Anthropic expects to match or exceed the size of SpaceX's IPO. Livemint's coverage framed the $2 trillion figure as raising eyebrows. Crypto Briefing put Anthropic's last private valuation at $965 billion, so the range implies roughly double that mark.

The financials help explain the debate. Revenue was roughly $4.6 billion in 2025, up from $386 million a year earlier, but the net loss reached almost $42 billion and the operating loss topped $8 billion, according to figures in Bloomberg's report. Separately, the prospectus, seen by Reuters, warns that government attitudes toward the company and its technology could affect its business. Reuters reported the risk factor follows a February 2026 presidential order for federal agencies to stop using Anthropic's models and June 2026 Commerce Department export restrictions on its Fable 5 and Mythos 5 models. Government contracts are less than 1% of revenue.

Key items to watch include the October 14 investor meeting, the start of marketing, and whether the timing holds. A post from unusual_whales cited Polymarket odds of 62% that Anthropic lists by November 30; such odds reflect traders' bets, not company guidance.