Bloomberg: Anthropic targeting mid-November IPO

AI giant Anthropic is to go public as soon as mid-November, Bloomberg reports, citing people familiar with the matter. The company could start formally marketing its IPO in the week of November 9-15, putting it in line to begin trading before the U.S. Thanksgiving holiday. Deliberations are ongoing, and the timeline could still shift, the people said.

Some prospective investors believe a fair valuation for Anthropic is in the $1.8-2.0 trillion range, according to Bloomberg sources. As Bloomberg previously reported, the company expects its IPO to match or exceed the size of SpaceX’s record offering. A representative for Anthropic could not immediately respond to Bloomberg’s request for comment.

Anthropic had a net loss of almost $42 billion in 2025, roughly five times the year-earlier figure, Bloomberg reported in August. The top line, meanwhile, increased from $386 million to around $4.6 billion. Most of the net loss was not directly related to operations but rather to changes in the fair value of Anthropic’s liabilities, which accounted for more than $34 billion of its annual losses.

If Anthropic proceeds with its IPO on the planned timeline, it will buck the broader trend in the new-listings market. Several issuers have recently postponed their market debuts, including Finnish smart-ring maker Oura, which delayed its listing just hours before the planned share sale. Some prospective investors balked at the company’s targeted valuation of around $15 billion, Bloomberg explained.

Several other companies have also seen their IPO timelines slip amid weak performance by this year’s market debutants. Excluding the record-setting offerings by SpaceX and SK Hynix, the weighted-average return for the more than 100 companies that have gone public this year is negative 4%, on Bloomberg's numbers. By comparison, the S&P 500 has gained 12%, while the Nasdaq 100 is up 20%.

Anthropic’s main rival, OpenAI, has decided not to go public this year due to concerns about the safety of its AI products. Both companies have come under growing public scrutiny over AI-related risks following a string of high-profile hacking incidents involving rogue AI agents. That is adding to the uncertainty surrounding Anthropic’s upcoming listing.