Anthropic had been on track to publish its IPO prospectus as early as next week, according to people familiar with the plan. That target has slipped to late September, and the full marketing push is now expected to begin in mid-October at the earliest. The caveat: all of this could still move around as the company works through market conditions, regulatory checks and other to‑dos that commonly shuffle IPO schedules.
Pushing back the timeline delays what some investors have floated as a potential $2 trillion debut, positioning this deal among the biggest IPOs ever and a fresh gauge of how eager public markets are for fast‑growing artificial intelligence plays. It is also one of the most closely watched offerings out there and could land around the same time as possible listings from other AI names, including OpenAI. For context on investor appetite, June saw Elon Musk's SpaceX debut on the public markets with a record $1.77 trillion valuation.
To prepare the offering, Anthropic is in the process of securing a $15 billion revolving credit facility, one person said. Bloomberg News previously reported discussions to increase the facility to $15 billion. After the credit line is set, analysts - including teams from the lenders backing the financing - are expected to hold meetings with the company.
Typically, a few weeks separate those meetings and the prospectus going public, though one person said Anthropic's gap could be shorter because analysts already know the business well. The banks involved include Morgan Stanley, Goldman Sachs, JPMorgan and Citi, and they declined to comment. Anthropic also declined to comment.
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If the current schedule holds, the roadshow starts in mid-October and the listing would wrap up just before the November midterms. Big picture, a blockbuster AI IPO landing next to other potential offerings would test how much retail and institutional demand is left for the sector. If the deal size and timing stick, it could set a tone for where AI valuations go next - and how much the public markets want in.
