Anthropic plans billion-dollar IPO in November amid AI sector competition

The developer of Claude is preparing for its stock market debut in November, after postponing previous plans. The offering is expected to be presented to investors during the week of November 9, with shares anticipated to start trading before Thanksgiving on November 26.

Details of the listing plan

The company is targeting a valuation between $1.8 trillion and $2 trillion, aiming to match or surpass the size of SpaceX’s IPO. While the timeline may still be adjusted, the goal is to complete the operation in 2025.

Valuation and financial situation

Financial documents reveal that Anthropic recorded a net loss of nearly $42 billion in 2025, approximately five times higher than the previous year. Revenue increased to around $4.6 billion, while operating losses exceeded $8 billion. Over $34 billion of the losses stemmed from adjustments to the fair value of liabilities, a significant accounting impact.

Market context and competition

The artificial intelligence sector is fiercely competitive, with OpenAI, the creator of ChatGPT, boosting sales. Recently, several companies have delayed their stock market debuts, including Oura, which canceled its offering after investors rejected a valuation of around $15 billion. Among recent listings, excluding SpaceX and SK Hynix, the weighted average return was negative at 4%. In contrast, the S&P 500 rose by 12%, and the Nasdaq 100, which focuses on technology companies, increased by 20% during the same period.

Leaders’ views on AI and going public

Dario Amodei, CEO and co-founder of Anthropic, argued in an essay that the pace of developing new AI models should be slowed. Meanwhile, Sam Altman, CEO of OpenAI, stated that he considers it imprudent to go public at this time, reflecting concerns about the current market conditions.

Frequently Asked Questions

• When could Anthropic’s IPO take place? The offering may be presented to investors during the week of November 9, with trading expected before Thanksgiving, although the dates could still change.
• What could be Anthropic’s valuation at the IPO? Market sources estimate a range between $1.8 trillion and $2 trillion, with the company aiming to exceed the size of SpaceX’s IPO.
• What was Anthropic’s loss in 2025? The company reported a net loss of nearly $42 billion in 2025, compared to $8.3 billion in 2024, while revenue grew from $386 million to $4.6 billion during the same period.
• Why did the net loss increase so much? Over $34 billion of the losses resulted from adjustments to the fair value of liabilities, an accounting effect that impacted annual results.
• What did Dario Amodei and Sam Altman say about AI and IPOs? Amodei advocated for a slower pace of AI model development, while Altman deemed it premature for OpenAI to go public at this time.