Anthropic PBC is preparing to launch a public offering that could raise at least as much as SpaceX did in its landmark share sale as the AI company accelerates its IPO plans. The company behind the Claude AI assistant is considering its next steps before a possible public filing, which could happen by the end of this month, the sources said.
SpaceX, Elon Musk's rocket and satellite company, raised $75 billion in its IPO, a record, according to Bloomberg data. With the overallotment option, the final figure rises to $86.2 billion.
Anthropic did not respond immediately to a request for comment. Talks are continuing, and final offering details, including size, may change.
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At recent investor briefings, Chief Financial Officer Krishna Rao declined to comment on the company. Anthropic's target valuation shows how far AI leaders have pushed their technology in a short time. The five-year-old company pulled in $65 billion, giving it a $965 billion valuation and pushing it past OpenAI's $852 billion valuation from March.
Anthropic's revenue is growing quickly. Second-quarter revenue exceeded $11.5 billion, versus $787 million in the same period in 2025, and its annualized rate reached $65 billion by late July.
Costs remain substantial. Anthropic had positive adjusted operating income in the second quarter, but its net loss in 2025 was almost $42 billion, about five times the year before. It faced the expensive challenge of staying at the front of the AI race, including a multi-billion-dollar contract with SpaceX for data center resources.
That financial pressure is central to the IPO story. The company has shown fast revenue expansion, but its costs and infrastructure commitments are also growing rapidly. A larger public offering could give it more financial flexibility, but it will also face pressure to show that the capital will produce returns as it continues scaling its AI models.
Though the company has raised huge private funding, it is starting to face major new challenges. Will its growth continue when it becomes public?
The goal may be to beat some of the largest fundraising records, but the bigger question is whether Anthropic can compete with Elon Musk and the broader AI market it now operates in. Even with $65 billion run rate, the cost of keeping its edge stays huge.
Anthropic's rapid ascent is part of a larger wave of AI investment. The company's ability to maintain its valuation will depend on its capacity to deliver cutting-edge models while managing enormous infrastructure expenses. As it prepares to enter the public markets, investors will scrutinize its path to profitability and its competitive position against other AI giants like OpenAI.
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