MUMBAI: Anthropic is looking to make its public-market debut anything but artificial. The Claude maker is weighing an initial public offering that could raise $75 billion or more, potentially matching or surpassing the current IPO fundraising record set by SpaceX, Bloomberg reported.
Anthropic is working on the numbers ahead of a possible public filing by the end of August, although the size of the offering has not been finalised. Investor briefings led by chief financial officer Krishna Rao have also stopped short of putting a valuation on the proposed listing.
The scale being considered would put Anthropic in rare territory. SpaceX currently holds the IPO fundraising record after raising $75 billion, with the figure potentially reaching $86.2 billion if its overallotment option is exercised.
Anthropic enters the IPO conversation after a blockbuster $65 billion funding round in May, which valued the company at $965 billion. That was above rival OpenAI’s $852 billion valuation following its $122 billion funding round in March.
Its financial growth has been equally striking. Preliminary second-quarter revenue crossed $11.5 billion, compared with just $787 million in the same quarter of 2025. By the end of July, Anthropic’s revenue run rate had reached $65 billion.
But the AI boom comes with an expensive bill. Although Anthropic recorded positive adjusted operating income in the second quarter, it reported a net loss of nearly $42 billion in 2025, sharply higher than the roughly $8.3 billion loss a year earlier. The cost of computing remains one of the biggest challenges as the company races to build increasingly powerful AI systems.
That race is also tying Anthropic closer to SpaceX. The company has agreed to a computing resources deal with the Elon Musk-led space company that could be worth tens of billions of dollars over three years. Anthropic is also preparing a revolving credit facility expected to exceed its earlier target of around $10 billion.
If the listing goes ahead, Anthropic could reach the public markets before OpenAI, which is considering an IPO for 2027. Both companies have confidentially filed for their respective listings.
Morgan Stanley, Goldman Sachs and JPMorgan Chase are advising Anthropic, with other banks potentially joining the process. The company is also considering super-voting shares that would give CEO Dario Amodei and other co-founders greater control after the listing.
A $75 billion-plus raise would also add another jolt to an already record-breaking US IPO market. Companies had raised $160.6 billion through 19 August, putting the market within striking distance of the $195.2 billion record set in 2021.
For Anthropic, the question now is not whether AI can command enormous sums, but just how enormous the next cheque can get.