Anthropic is weighing a public listing as soon as mid-November, according to Bloomberg News, which cited people familiar with the matter. The artificial intelligence developer behind the Claude models could kick off formal IPO marketing during the week of Nov. 9, a timetable that would allow shares to begin trading before the Thanksgiving holiday.
The company is still expected to complete its offering by the end of the year, though the people cautioned that discussions remain fluid and the schedule could shift. Anthropic had previously been anticipated to file publicly for an IPO after the summer.
A crowded and difficult new-issue market
The potential November debut would arrive in a listings environment that has been marked by repeated delays. Oura recently became the third company in several weeks to postpone its share sale shortly before it was set to price. Other issuers have also seen their timelines slip as the performance of newly listed stocks has weakened.
Excluding SpaceX and SK Hynix, the weighted-average return for more than 100 recent listings is a loss of 4% this year, according to Bloomberg data. That compares with a 12% gain for the S&P 500 and a 20% advance for the Nasdaq 100 over the same period.
Valuation expectations and competitive backdrop
Prospective investors are said to view Anthropic at a valuation of between $1.8 trillion and $2 trillion, despite concerns about competition and AI safety. The company is also expected to match or exceed the size of SpaceX's IPO, based on prior Bloomberg reporting.
Anthropic is entering the public markets as rivalry with OpenAI intensifies. OpenAI has gained sales momentum in recent months, though it has postponed its own IPO plans, with CEO Sam Altman recently arguing that taking the company public now would be ill-advised. Anthropic CEO Dario Amodei has separately called for a slower pace of AI model advancement, publishing an essay on his personal website centered on the need to "pace the frontier."
Financial picture: revenue up, losses widen
Anthropic reported a net loss of almost $42 billion in 2025, roughly five times the prior year's $8.3 billion, according to documents previously reported by Bloomberg News. Revenue climbed sharply over the same period, reaching about $4.6 billion in 2025 from $386 million in 2024. Operating losses, however, expanded to more than $8 billion.
More than $34 billion of the 2025 net loss stemmed from a change in the fair value of the company's liabilities, the documents showed.
Broadcom's central role in the AI buildout
Anthropic's filing also underscores its extensive infrastructure ties to major technology firms, including Broadcom, Amazon and other partners. Broadcom's relationship with Anthropic is especially broad, spanning compute supply, equipment leasing and financing.
Reuters reported that Broadcom has agreed to lend Anthropic up to $42 billion to fund infrastructure spending. The arrangement could make Anthropic Broadcom's largest customer in its chip design business next year, and it highlights the reciprocal spending relationships between AI companies and infrastructure providers that have drawn scrutiny from some investors.
Under the financing structure, Broadcom could designate a financing partner, and the debt instruments could potentially convert into Anthropic shares. Anthropic said in its filing that it does not expect any notes to be sold before completing its IPO. According to Reuters, the convertible note could finance about a third of Anthropic's $125.2 billion commitment for a five-year lease of TPU computing capacity.
This article is for informational purposes only and does not constitute financial advice.
