TradingKey - AI company Anthropic is accelerating its IPO preparations. According to a Yahoo Finance report citing three people familiar with the matter, the developer of Claude could publicly file its IPO registration documents as early as this Friday, clearing a major procedural obstacle for a market debut that could launch as early as November. The size of this IPO is expected to exceed SpaceX's listing transaction in June this year, serving as an important test case for capital market appetite regarding high valuations and massive infrastructure spending among AI enterprises.

Anthropic confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) in June this year. Under relevant regulations, companies utilizing confidential filing procedures must publicly release their documents at least 15 calendar days before officially launching their investor roadshows. If Anthropic completes its public filing as planned, investors will gain a more comprehensive look at the company's financial condition, operational risks, and long-term development plans for the first time. However, the final timing of the listing could still be affected by market conditions and other factors.

The market previously expected Anthropic's IPO valuation to reach $2 trillion, with potential fundraising of up to $100 billion. However, as the company's latest operating data was disclosed, some investors began re-evaluating this valuation target. According to reports, some existing and prospective investors believe that a listing valuation closer to $1.5 trillion might be more appropriate for Anthropic, down from the previous $2 trillion expectation. While revenue growth remains robust, changes in growth rates and massive computing power expenditures are becoming key considerations for investors evaluating the company's value.

Anthropic's revenue scale expanded rapidly over the past year. According to previous disclosures, the company's revenue reached $16.3 billion in the first half of 2026, but net loss exceeded $80 billion, the vast majority of which stemmed from accounting charges tied to valuation changes in convertible notes and other financing instruments, which do not fully represent day-to-day operational cash burn. Subsequently, the company revealed to investors that third-quarter revenue rose to $16.8 billion from $11.5 billion in the second quarter, an increase of nearly 50%, and achieved adjusted profitability for two consecutive quarters while recording positive free cash flow.

Recent changes in the IPO market have further heightened uncertainty surrounding this listing. Shares of South Korean data center company Elice plummeted on their trading debut, while Firmus Grid, backed by Nvidia (NVDA), paused its IPO plans due to investor skepticism over valuation. Meanwhile, the stock and bonds of AI infrastructure company CoreWeave (CRWV) have also drawn market scrutiny, with investors beginning to evaluate the relationship between high debt loads and future revenue more cautiously.

Rival OpenAI is likewise preparing for a public listing, though its public market plans are currently expected to be delayed until early 2027. As Anthropic takes the lead in advancing its public filing, the market will be able to more directly compare the two companies' revenue scale, growth rates, financing needs, and profitability.

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