Anthropic is preparing an IPO that could raise more than $100 billion and value it at $2 trillion.
That would surpass SpaceX's record $85.7 billion offering and beat OpenAI to market.
The AI startup faces supply chain pressures and a fractured relationship with the Trump administration.
What happened
Anthropic, maker of Claude AI models, is preparing for a public market debut after filing in June. Bankers have told investors the company could seek to raise "more than $100 billion" in its IPO, potentially valuing it at $2 trillion, according to reporting by The New York Times and Bloomberg. The company's shares could list in autumn.
Why it matters
A $2 trillion valuation would more than double Anthropic's previous $965 billion valuation from its June funding round and would exceed SpaceX's June IPO, which raised $85.7 billion at a $1.77 trillion valuation—the largest IPO in history. Only Apple, Microsoft, and Nvidia have surpassed the $2 trillion mark. Anthropic could reach public markets ahead of OpenAI, which is targeting a 2027 listing.
What to watch
Anthropic faces headwinds: the company has struggled to meet demand for computing power amid chip and server shortages, and its relationship with President Donald Trump's administration is strained after the government ended contracts with Anthropic in March and designated it a supply chain risk when it refused to grant the military unfettered access to its AI models.
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Anthropic's path to public markets represents a pivotal moment in the AI race. Founded in 2021 by siblings Dario and Daniela Amodei and other former OpenAI executives, the company has positioned itself as a safety-focused alternative and has achieved commercial traction through Claude and Claude Code. A $2 trillion valuation would place it alongside the world's most valuable companies and mark a dramatic ascent for a five-year-old firm.
However, the timing and scale of the IPO occur amid significant operational and political headwinds. The company has publicly stated it struggles to meet demand for computing power owing to chip and server shortages—a constraint that could limit revenue growth even as valuations climb. More acutely, Anthropic's relationship with the Trump administration deteriorated sharply in March when the government terminated contracts and designated the company a supply chain risk after Anthropic refused to grant the military unfettered access to its AI models. Anthropic characterized the move as unconstitutional retaliation. These factors may influence investor sentiment and the final terms of any offering.
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