Anthropic targets a pre-Thanksgiving IPO with a roadshow as early as the week of Nov. 9, as investors float a $1.8T to $2T valuation

The financial facts should be anchored to the prospectus Reuters reviewed. Per PYMNTS relaying Reuters on September 28: the filing shows Anthropic reported a $42 billion net loss last year and projects $518 billion in spending on cloud, computing and infrastructure needs over the years ahead, alongside revenue near $4.6 billion, a 12-fold increase, and an operating loss exceeding $8 billion excluding write-downs of various liabilities mostly tied to past fundraising. The filing also reveals an unusual governance design: a Founder LLC vehicle composed of the company's seven co-founders, meant to steward the firm's mission even when it conflicts with market forces. A single share of Class F stock amounts to 50.1% of total voting power over corporate matters including the election of some board members and other items submitted to investors, and that share is directed by a majority vote of the seven co-founders.

Quartz breaks the same numbers down more finely, and that breakdown is worth keeping separately: full-year 2025 revenue was roughly $4.6 billion, up from $386 million the year before, while the 2025 net loss came to nearly $42 billion against approximately $8.3 billion in 2024. The overwhelming majority of that shortfall — more than $34 billion — reflected accounting adjustments tied to the fair value of the company's liabilities rather than cash outflows from operations. Quartz also notes the company posted positive adjusted operating income in the second quarter of 2026, even as its 2025 operating loss exceeded $8 billion. That split matters because it determines which lens you use: a headline loss in the tens of billions on one side, and a near-breakeven adjusted picture on the other, are not describing the same thing.

The underwriting and competitive backdrop also have clear sources. Quartz states that Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the offering, and that Anthropic is considering super-voting shares that would give Amodei and fellow co-founders greater control after going public. On competition, Quartz cites Bloomberg saying OpenAI has clawed back commercial ground over recent months; that Anthropic CEO Dario Amodei argued in an essay on his personal website that AI model development needs to decelerate; and that OpenAI has postponed its own IPO plans, with CEO Sam Altman saying going public now would be ill-advised. Quartz also recalls that investors previously expected Anthropic to go public in October at a valuation of $2 trillion or more, which would have made it the largest IPO in history, with half a dozen backers saying at that point that annualized revenue was expected to land between $100 billion and $120 billion before year-end. Those figures differ sharply from the historical revenue in the prospectus, so quote them with their framing and date attached.

Put those items together and a timeline emerges: on June 1, Anthropic announced it had confidentially filed for an IPO; on September 18, The Wall Street Journal cited unnamed sources saying the listing had been set for November, later than the October debut many investors expected, so the company could first disclose third-quarter financials; on September 28, Reuters reviewed the prospectus; and on October 1, Bloomberg supplied the latest cadence — a roadshow as early as the week of November 9, with trading before Thanksgiving. Note the sourcing boundary: apart from the prospectus contents, the valuation and timeline all come from unnamed sources, and the company itself did not respond to the outlets' requests for comment — PYMNTS states Anthropic did not immediately reply. For readers, these numbers are best treated as market expectations rather than settled offering terms.