Anthropic eyes IPO as early as mid-November after delaying listing plans

New business data points to the fact that Anthropic PBC is seeking to go public as soon as the middle of November, according to people familiar with the matter, after the artificial intelligence model maker pushed back plans to list.

The firm behind Claude could start formal marketing for its IPO as soon as the week of Nov. 9, putting it in line to begin trading before Thanksgiving, the people stated. Dealmaking typically grinds to a halt in the days around the holiday, which is on Nov. 26.

Anthropic is still anticipated to make its debut no later than the end of the year, the people stated. The AI developer had been poised to file publicly for an initial public offering after the summer, Bloomberg News has noted.

Deliberations are ongoing and the timeline could keep shift, the people stated, asking not to be identified as the information isn’t public.

Anthropic, ascendant for much of this year, now faces renewed competitive pressure from the likes of OpenAI, which has advanced sales momentum in recent months. The firms are additionally at the center of mounting public scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents, ramping up concern around the potential impact on Anthropic’s market debut.

Chief Executive Officer Dario Amodei published an essay on his personal website arguing the speed at which new AI models are advancing must be slowed down. OpenAI, a chief rival to Anthropic, has postponed its IPO plans, with CEO Sam Altman arguing it’d be ill-advised to go public now.

The concern doesn’t appear to have discouraged prospective market participants, who believe a fair valuation for Anthropic is in the $1.8 trillion to $2 trillion ballpark, some of the people stated. The firm anticipates to match or beat the size of SpaceX’s IPO, Bloomberg News has noted.

Anthropic had a net loss of almost $42 billion in 2025, a roughly fivefold gain from around $8.3 billion the year before, Bloomberg News noted in August. The firm’s full-year topline was roughly $4.6 billion for 2025, up markedly from $386 million in the year before, though its operating loss ballooned to more than $8 billion, according to documents noted by Bloomberg News.

The bulk of the net loss was fuelled by a jump in the change in fair value of Anthropic’s liabilities which accounted for more than $34 billion of the firm’s annual losses, the documents show.

Reuters noted some details of the IPO valuation and financials previously. A representative for Anthropic couldn’t immediately respond to a request for comment.

Powering ahead with an IPO would see Anthropic defy the string of delays and postponements in the market for new listings. Oura Inc. was the third firm in a matter of weeks to formally postpone its debut just hours before a scheduled first-time share sale, after some potential buyers balked at a fully diluted valuation target of around $15 billion.

A range of other firms have noted their targeted timelines slip as the performance for this year’s class of IPOs stumbled. When removing SpaceX and SK Hynix Inc.’s record-setting listings, the weighted-average return for the more than 100 newly listed stocks is a loss of 4%, data compiled by Bloomberg show. The figure sharply lags a 12% return for the S&P 500 Index and a 20% gain for the tech-heavy Nasdaq 100 this year.