Anthropic plans to match or beat SpaceX's record $75 billion IPO.
The company was valued at $965 billion in May.
To claim the title, it would need to reach SpaceX's post-offering valuation of $1.77 trillion.
What happened
Anthropic plans to "match or beat" the size of SpaceX's $75 billion IPO (or $86.2 billion including the over-allotment), according to Bloomberg reporting on anonymous sources. Anthropic was valued at $965 billion by private investors in May and is expected to go public in the coming months.
Why it matters
SpaceX's record-breaking IPO in 2024 set a new benchmark for mega-offerings; Anthropic's ambition signals that the AI industry's top companies are pursuing valuations at historically unprecedented scale. To match SpaceX's valuation of $1.77 trillion would require substantial gains from Anthropic's May valuation.
What to watch
Anthropic's CFO Krishna Rao has not disclosed the company's target valuation in recent investor briefings. OpenAI, the other major AI IPO hopeful, is believed to be aiming for a 2027 debut.
Ask the AI about this article →
SpaceX's 2024 IPO broke historical records and set a new ceiling for mega-offerings in the tech sector. Anthropic's stated intent to match or beat that size reflects the AI industry's confidence in its valuations and competitive positioning. The gap between Anthropic's May private valuation of $965 billion and SpaceX's $1.77 trillion post-offering valuation is substantial, yet the article notes that "there's nothing rational about SpaceX's valuation," suggesting that market momentum and investor appetite for AI may support such gains. OpenAI, the third major AI player pursuing a public listing, is on a different timeline—aiming for 2027—which leaves Anthropic and potentially other AI companies to capture near-term IPO activity in 2025.
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