Anthropic Reportedly Targeting Historic $2 Trillion IPO. The AI Giant Could Hit Public Markets Before Thanksgiving.

Anthropic is accelerating plans for what could become the largest initial public offering in history, with the artificial intelligence company now considering a stock market debut as soon as mid-November, according to a new report.

The Claude maker could begin formally marketing its IPO during the week of November 9, potentially allowing shares to begin trading before Thanksgiving on November 26, Bloomberg detailed, citing people familiar with the plans.

Anthropic appears to be targeting a valuation as high as $2 trillion, putting the five-year-old AI company on course for a potentially historic public offering. The timeline could become clearer within weeks.

Anthropic is expected to meet with prospective investors on October 14 as it prepares to pitch Wall Street on its extraordinary growth, enormous spending requirements and vision for the future of artificial intelligence. The possible November debut comes just days after investors received their clearest look yet at Anthropic's finances.

Reuters reported this week that it reviewed Anthropic's IPO prospectus, which showed revenue surged twelvefold in 2025 to nearly $4.6 billion. But Anthropic recorded an operating loss of about $8 billion and a net loss of roughly $42 billion, with much of the latter tied to accounting charges involving financial instruments that could convert into shares.

The company also disclosed plans for $518 billion in cloud computing and infrastructure obligations over the coming years, illustrating the staggering amount of capital required to build and operate increasingly powerful AI systems.

Anthropic's prospectus also highlights its dependence on some of the world's largest technology companies. Reuters reported that the company relies heavily on a relatively small group of customers and major technology partners, including Amazon and Google, for revenue, computing infrastructure and other services.

That dependence is becoming increasingly complicated as Reuters reported Thursday that Broadcom has agreed to provide Anthropic with as much as $42 billion in financing to support infrastructure spending, including a $125.2 billion commitment over five years to lease computing capacity beginning in 2027.

Meanwhile, competition with OpenAI continues to intensify. OpenAI's annualized recurring revenue is approaching $70 billion, according to a source familiar with the matter cited by Reuters, highlighting the extraordinary pace at which demand for commercial AI products is expanding. Anthropic also remains locked in a dispute with the Trump administration over the Pentagon's decision to designate it a national security supply chain risk.

A federal appeals court last week declined to block that designation, which followed Anthropic's refusal to remove restrictions involving the use of its technology for autonomous weapons and mass surveillance. Anthropic has argued that the designation has damaged its business and reputation.