New details about Anthropic's IPO plans have emerged.

On Thursday, October 1, U.S. Eastern Time, Bloomberg cited people familiar with the matter as saying that Anthropic is seeking to launch formal IPO marketing as early as mid-November and aims to complete its listing before the U.S. Thanksgiving holiday on November 26. Although the timetable has been delayed previously, the company still expects to enter the public market by the end of this year at the latest.

The people said Anthropic may launch its formal roadshow as early as the week of November 9. Because U.S. capital markets typically slow noticeably around Thanksgiving, if the schedule holds, Anthropic would become one of the most closely watched super IPOs in the U.S. market this year. However, the discussions are still ongoing, and the final timetable could still change.

Scale May Rival SpaceX, With Investors Assigning a Valuation of Nearly $2 Trillion

One major focus of Anthropic's listing is the size of the offering.

Bloomberg previously reported that Anthropic expects its IPO fundraising scale to match or even exceed SpaceX's record-setting IPO. The latest report shows that some potential investors believe Anthropic's fair valuation could reach $1.8 trillion to $2 trillion.

That valuation would place Anthropic among the world's largest AI companies by market value and would also become an important reference for capital markets in measuring the valuation level of generative AI companies.

At the same time, competitor OpenAI recently chose to hold off on an IPO. According to previous reports, OpenAI plans to raise at least $30 billion in new funding, with a target valuation of about $1.4 trillion. OpenAI CEO Sam Altman has said the company is not in a hurry to go public.

If Anthropic is the first to enter the public market, its offering pricing will also provide an important sample for investors reassessing valuation levels across the entire AI industry.

Revenue Surges More Than 10-Fold, but Huge Losses Remain a Key Focus

Anthropic's high valuation is built on rapidly growing AI demand, but the company is still in a phase of large-scale investment.

Documents previously obtained by media showed that Anthropic's full-year 2025 revenue was about $4.6 billion, far above $386 million in 2024; but its net loss for the same period was close to $42 billion, about five times that of the previous year.

It should be noted that this huge net loss did not come entirely from day-to-day operations. The documents showed that more than $34 billion of it came from accounting items such as changes in the fair value of the company's liabilities; after excluding these factors, Anthropic's operating loss in 2025 was still more than $8 billion.

This means that what Anthropic needs to prove to the public market is not only the rapid growth of its AI business, but also how it will achieve profitability in the future while continuing to increase investment in computing power and infrastructure.

OpenAI Closes In, While AI Safety Controversy Also Heats Up

Anthropic's rapid rise over the past period is also facing a changing competitive landscape.

Media noted that OpenAI's sales momentum has strengthened in recent months, renewing competitive pressure on Anthropic. Both companies are at the center of discussions about AI safety, and a recent series of high-profile AI agent hacking incidents has further raised concerns about the security risks of frontier models.

Anthropic CEO Dario Amodei also published an article on his personal website in September advocating slowing the pace of advancing frontier AI model capabilities.

However, these factors have not noticeably changed some potential investors' valuation expectations for Anthropic, and some still believe the company could be worth $1.8 trillion to $2 trillion.

AI Giant's Listing Comes as the U.S. IPO Market Faces Pressure

As Anthropic pushes toward listing, the U.S. new-issue market itself is not particularly hot.

Bloomberg data showed that excluding record-setting large IPOs such as SpaceX and SK Hynix, the weighted average return of more than 100 newly listed U.S. stocks this year was about -4%, clearly trailing the S&P 500's roughly 12% gain and the Nasdaq 100's roughly 20% gain over the same period.

The U.S. IPO market has also recently seen consecutive cases of postponed listings, with some companies even halting offerings temporarily before their originally scheduled pricing. Against this backdrop, if Anthropic ultimately completes a mega IPO, it will become one of the most closely watched deals in the U.S. new-issue market this year.

Whether its listing pricing can gain public-market recognition will also become an important window for observing whether the high valuations of AI super companies can be transmitted from the private market to the public market.