Anthropic Targets Record-Breaking IPO as OpenAI Sets 2027 Listing Plans

Anthropic is targeting an initial public offering that would match or exceed SpaceX's record share sale, according to Bloomberg. SpaceX's debut set the all-time record for a first-time share sale at $75 billion, a figure that climbed to $86.2 billion once the overallotment was exercised, so matching it would make Anthropic's listing the largest or second-largest IPO on record.

The company is working with Morgan Stanley, Goldman Sachs and JPMorgan Chase on the offering, with other banks possibly added, and is considering super-voting shares that would give CEO Dario Amodei and his co-founders control disproportionate to their economics. Amodei owns roughly a 2% stake. Anthropic raised $65 billion in May at a $965 billion valuation, and its annualized revenue run rate reportedly reached about $65 billion by the end of July.

OpenAI, by contrast, has pushed its own listing to 2027, which would put Anthropic in public markets first. OpenAI's valuation stood at $852 billion after its March raise of $122 billion, with an annualized revenue run rate around $40 billion. Separately, TechCrunch data indicates OpenAI has been gaining ground on Anthropic among business customers, a competitive datapoint that cuts against the revenue comparison.

The market-wide consequence is the part most investors will care about. U.S. IPO volume has already reached $160.6 billion as of August 19; an Anthropic deal at SpaceX scale would push 2026 past the 2021 record of $195.2 billion. Watch the S-1 filing for the actual revenue disclosure behind the run-rate figures, the super-voting structure's terms, and whether the deal pulls other AI-adjacent private companies forward into the same window.

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