It’s getting concrete. According to a September 2 report from The Information, Anthropic plans to make its IPO prospectus public right after the Labor Day holiday. Until now the S-1 sat confidentially with the SEC. Once the document is out, we’ll see the hard numbers for the first time: revenue, losses, shareholders, price range.
The timeline is aggressive. An investor day is set for mid-September, the classic pitch to big buyers. And as soon as late September or early October, the stock could be trading on a US exchange. For an offering this size, that’s a tight window.
The numbers behind it
The target is a valuation of roughly $1.5 to $2 trillion. The raise could top $60 billion, per the reports - which would be the largest IPO there has ever been. For comparison: Anthropic’s last private round landed at a $965 billion valuation. Annualized revenue is said to have recently crossed $47 billion, driven mainly by companies using Claude for coding and agentic workflows.
Two details stand out. Anthropic is weighing letting existing shareholders sell shares directly - giving early investors and employees liquidity sooner. And the lockup periods are said to be longer than the usual 180 days. Both point to a company that wants an orderly start and would rather avoid a slump from too many early sales.
My take
We’ve followed this road here plenty of times - from the confidential S-1 in June through the investor meetings to the reports of a two-trillion valuation at the end of August. Now the talk has a date. And that’s the moment it gets real.
Because a public valuation is a claim the market re-tests every single day. Two trillion dollars rests on projected revenue of $190 to $200 billion in 2028 - numbers nobody has seen yet. I’m curious what the prospectus says once the figures come not from anonymous sources but in black and white at the SEC. Until then: it’s a plan, not a price. And IPO plans in this industry have wobbled before.
Sources: Venture Atlas: Anthropic to unveil IPO prospectus after Labor Day, MarketScreener / The Information: Anthropic plans to publicly unveil IPO prospectus after Labor Day, Yahoo Finance: Anthropic reportedly planning to unveil IPO