Anthropic is advancing with plans for an initial public offering on Nasdaq that could value the artificial intelligence company at $2 trillion, according to reporting from Bloomberg. The listing is expected to remain on track, with Nvidia reportedly considering a contribution of approximately $10 billion to the offering. Morgan Stanley, Goldman Sachs, and JPMorgan are serving as lead underwriters. The company filed regulatory paperwork with the Securities and Exchange Commission in June.
Anthropicreported annualized revenue of $65 billion, with valuations supported primarily by investor confidence in artificial intelligence capabilities and development trajectories rather than current cash generation. The company indicated it could seek to raise as much as $100 billion in the offering, which would exceed the amount raised when SpaceX went public in June at a $1.77 trillion valuation. Anthropic has told prospective IPO investors that its potential revenue opportunity exceeds $30 trillion. Quarterly revenue more than doubled to $11.6 billion in the second quarter, and investors have projected that annualized revenue could reach between $100 billion and $120 billion before year’s end, representing substantial growth from the $47 billion annualized revenue reported in May.
The company is also addressing strategic positioning through recent communications from leadership. CEO Dario Amodei published an essay calling on artificial intelligence companies to manage the pace of frontier model development, framing the effort as achieving “a balanced rate” of progress while ensuring that advancement continues at accelerated speeds. The chief financial officer amplified these themes through commentary on professional networks.
Several headwinds could present challenges to the listing. Anthropic’s primary model is priced more than 2.5 times higher than a comparable offering from rival OpenAI, while Chinese open-weight alternatives are available at substantially lower costs, according to AI analysis firm Artificial Analysis. Revenue growth decelerated in June following temporary export controls imposed by the U.S. Commerce Department on the company’s best-performing models. Additionally, Anthropic is engaged in active litigation with the U.S. Department of Defense, which designated the company a supply-chain risk earlier this year. Separately, OpenAI has filed a confidential registration statement with the SEC targeting a potential fall listing at an $852 billion valuation.
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