Anthropic is targeting a valuation of $1.5 trillion to $2 trillion in a listing that would raise more than $86 billion, topping every initial public offering on record. Key Points: Anthropic
Anthropic is targeting a valuation of $1.5 trillion to $2 trillion in a listing that would raise more than $86 billion, topping every initial public offering on record.
- Anthropic plans to let early investors and employees sell stock directly in its market debut.
- The prospectus is expected after Labor Day, with the offering targeted for late September or early October.
- Lockups running beyond the standard 180 days are under discussion to spread out later selling pressure.
The Claude developer is designing a secondary tranche that lets existing shareholders sell stock alongside newly issued shares, The Information reported Thursday.
Those holders would take cash at the offer price. The arrangement also helps the company steer allocations toward the long-term buyers it wants.
SpaceX took the conventional route in June, pricing 555,555,555 new shares at $135 apiece. Underwriters held an option on 83.3 million more, lifting a $75 billion base deal to a record $85.7 billion, and not one share came from an existing holder.
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A lockup bars insiders from selling their stock for a set stretch after a debut. The company is weighing terms that run beyond the standard 180 days for at least some of its existing holders. A sale placed inside the deal reaches buyers at a known price on a known day, while an expiry offers no such cushion.
The precedent is only three weeks old, because roughly 911.5 million SpaceX shares unlocked on Aug. 6 and more than doubled the freely traded portion of the company. Mizuho analyst Brett Linzey cautioned at the time that shares becoming eligible for sale does not mean the full tranche reaches the market.
The prospectus is also expected to flag public hostility toward AI as a formal risk. A Gallup survey published in May found that seven in 10 Americans opposed new AI data centers near their communities. Any slowdown in construction would bite, because Anthropic committed roughly $45 billion this week to rent capacity at Nscale's West Virginia campus.
Crypto venues have quoted the same exposure for months, with tokenized pre-IPO claims on Anthropic and OpenAI trading on Solana(SOL).
PreStocks has captured 78% of that volume across three tracked platforms, though holders of the tokens receive no ownership, no votes and no dividends.
The company reached this point at a startling pace. It closed a $65 billion round in May at a $965 billion valuation, then filed confidentially with regulators in June. Its annualized revenue run rate surged past $65 billion at the end of July, against roughly $9 billion at the close of 2025.
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