Anthropic’s IPO lands on Nasdaq, with October in view

Anthropic has chosen Nasdaq for its initial public offering, Business Insider reported, in a story Reuters relayed on September 13. The company has been aiming for an October listing.

Some estimates put Anthropic at $2 trillion, Business Insider said, though the figure has not been finalized. That is about twice the $965 billion post-money valuation from the $65 billion Series H, which closed in May and was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia. The Series H had already more than doubled the $380 billion valuation set in the Series G in February.

The numbers behind the talk are forward-looking. Reuters has reported that the IPO valuation rests on a forecast of $190–200 billion in revenue for 2028. At $2 trillion, the company would be priced at roughly ten times revenue it has only forecast, for a year that is still more than a year off. Most of the revenue Anthropic earns today comes from companies paying per use of Claude through the API or the Amazon and Google cloud marketplaces, and about 85% of it comes from enterprise and developer customers. The rest comes from Claude app and Claude Code subscriptions.

The raise is meant to be large too. Bloomberg reported that Anthropic expects the offering to match or top SpaceX’s record $75 billion.

Choosing an exchange mostly settles the mechanics: which listing standards apply, what fees the company pays and which governance rules it signs up to once its shares trade. Until those shares trade publicly, Anthropic has no market capitalisation, and the $965 billion Series H price is its latest valuation. October is still the target window. No price range or date within the month has been given.