Anthropic is reportedly aiming to enter the public markets by mid-November, with plans to begin marketing its initial public offering (IPO) the week of November 9, according to a Bloomberg report. The AI company's target valuation for the IPO could reach up to $2 trillion, potentially making it the largest IPO in history.
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The company is scheduled to meet with prospective investors on October 14, as stated by sources familiar with the matter. Earlier this week, Reuters acquired a copy of Anthropic's S-1 prospectus, revealing a projected revenue growth rate of 12 times by 2025, with an estimated end-of-year revenue of approximately $4.6 billion.
Founded in 2021 by former OpenAI employees, including CEO Dario Amodei, Anthropic has gained recognition as a leading AI lab due to its Claude software and its focus on the enterprise sector. The Claude Code platform has become popular among software engineers, and its Claude Cowork tool has significantly impacted the software-as-a-service market since its launch earlier this year.
As Anthropic prepares for its IPO, it competes closely with OpenAI, which is reportedly approaching an annual recurring revenue of $70 billion, a 70% increase since the beginning of the third quarter. OpenAI recently unveiled its latest AI model, GPT-6.1 Sol, during its annual DevDay event.
The firms continue to navigate controversies, including Anthropic's ongoing dispute with the Trump administration over designations from the Department of Defense regarding supply chain threats. Additionally, Amodei has urged AI labs to slow their development of advanced AI models following concerns expressed by a former employee about the risks associated with rapidly advancing technologies.