Anthropic is considering an IPO that could come as early as mid-November, following a delay in the company’s timeline for going public.

The Claude-maker could begin actively marketing the offering during the week of Nov. 9, potentially setting up a stock market debut before Thanksgiving on Nov. 26, sources familiar with the company’s plans told Bloomberg. 

The discussions are still underway, and the timing is subject to change again, sources noted. Activity in the IPO market typically slows around the holiday season, but t company is still expected to complete its public-market debut by the end of the year. Bloomberg News previously reported this summer that Anthropic had been considering an IPO as soon as this month.

Anthropic has been reported to be targeting a valuation of about $2 trillion, which would make the IPO larger than Space Exploration Technologies Corp.’s (NASDAQ:SPCX) $1.78 trillion debut and potentially the largest IPO ever.

The AI company generated nearly $4.6 billion in revenue in 2025 but recorded a $42 billion net loss. Most of the company’s net loss stemmed from a sharp increase in the fair-value adjustment of its liabilities, which contributed to more than $34 billion to the company’s losses for the year, documents show.

Anthropic also plans to spend roughly $518 billion in future cloud, computing and infrastructure spending in the coming years. It held $20.28 billion in cash, cash equivalents and short-term investments as of Dec. 31.

The AI company’s public debut comes amid concerns over AI safety. 

OpenAI and Anthropic are both at the forefront of a U.S. Federal Trade Commission investigation examining whether their products could put consumers at risk. The move marks the agency’s first U.S. enforcement effort focused on so-called AI agents and follows a string of incidents that drew public attention in July.

The commission intends to send compulsory information requests and seek testimony from leaders at prominent AI labs, naming Anthropic, OpenAI and research group METR.

OpenAI ruled out an initial public offering for 2026, pointing to unresolved safety concerns around rapidly advancing artificial intelligence and the need to address alignment challenges facing the industry.

"Right now would be an ill-advised moment to go public, and we don’t feel pressure on that," CEO Sam Altman told Fortune.

When Fortune asked whether 2027 was more realistic than 2026, he said, "I would say not 2026. We have a lot of work to do, including meeting the safety and alignment requirements of this moment and figuring out how the industry and governments can work together."

Photo: RixAiArt / Shutterstock – ek