Anthropic eyes $86.2 billion IPO to beat OpenAI to market

What happened

Anthropic is privately hoping to file for its initial public offering by the end of this month, targeting a raise that matches or exceeds SpaceX's record IPO, which brought in $75 billion in June (with the true number expected to reach $86.2 billion including an overallotment option). The AI model maker is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase on the listing and is also seeking a revolving credit facility worth more than roughly $10 billion.

Why it matters

Anthropic raised $65 billion in May at a $965 billion valuation, surpassing OpenAI's $852 billion valuation from March. However, the company posted a net loss of nearly $42 billion in 2025, up from $8.3 billion the year before, even as second-quarter revenue hit more than $11.5 billion (up from $787 million a year earlier). The IPO race reflects intense capital demands in AI: Anthropic has committed to a three-year deal with SpaceX worth tens of billions of dollars for computing resources alone.

What to watch

Anthropic is reportedly pushing for a faster IPO timeline than OpenAI, whose CEO Sam Altman is considering delaying until 2027 due to his insistence on a $1 trillion valuation. Both companies have already filed confidentially. Anthropic's founders are also considering issuing themselves "super-voting" shares to retain control, similar to SpaceX founder Elon Musk's structure.