IPO aimed at SpaceX's $75 billion record

Anthropic expects its initial public offering to match the size of SpaceX's record listing or exceed it, according to Bloomberg. SpaceX raised $75 billion in its IPO, and an Anthropic raise of that size or larger would rank among the biggest offerings ever brought to market.

A raise on the scale of SpaceX's would mark the point at which AI model developers start absorbing public-market capital in the same quantities as the largest industrial listings. The size appears to be set less by current business than by the 2028 revenue projection behind it, which shifts the risk to whether that forecast holds. It also reads as a test of how much public money is willing to fund compute buildouts.

The process is already at the investor stage. Chief financial officer Krishna Rao is leading the early meetings with prospective backers, and a public filing could arrive as soon as the end of August 2026, which would put its financial statements into the public record.

The valuation Anthropic is pitching rests on projections that run several years out. According to Reuters, the IPO valuation hinges on a forecast of $190–200 billion in revenue in 2028, a projection set roughly two years beyond the planned listing.

The two companies are already commercially linked. According to TheNextWeb, Anthropic buys computing capacity from SpaceX under an agreement that could be worth tens of billions of dollars over three years. SpaceX therefore figures in the plan twice, as the benchmark for the size of the raise and as a supplier of compute.

When the public filing could come

Anthropic could file publicly as soon as the end of August 2026, though no pricing date, exchange or final raise figure has been named. The expectation reported by Bloomberg describes the intended scale of the offering rather than a target set in a prospectus, and the $190–200 billion revenue forecast supporting the valuation runs to 2028.