Anthropic is getting ready to show investors what its business really looks like.
The artificial intelligence company behind Claude is expected to publicly unveil its IPO prospectus shortly after Labor Day, according to Reuters, putting it on track for a possible stock market debut in late September or early October.
Anthropic had already confidentially filed draft IPO paperwork with the U.S. Securities and Exchange Commission in June, but the public filing will give investors their first detailed look at the company’s finances, risks and plans.
From No Immediate Plans to a Public Filing
In December 2025, Anthropic Chief Communications Officer Sasha de Marigny said the company had “no immediate plans” to file for an IPO, while leaving open the possibility of going public later. But that position changed quickly as Anthropic continued raising enormous amounts of private capital and its business expanded in the beginning of the year.
By June, Anthropic had confidentially submitted a draft registration statement to the SEC. At the time, the company said it had not decided how many shares it would offer or at what price, meaning the eventual IPO valuation could still differ significantly from its private-market valuation.
The Number Behind the IPO
In May, Anthropic raised $65 billion in its Series H funding round, giving the company a post-money valuation of $965 billion. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Anthropic had said its annualised revenue run rate had already passed $47 billion earlier that month.
This revenue figure has since grown sharply.
People familiar with the company’s finances told the Los Angeles Times in August that Anthropic’s annualised revenue run rate had reached more than $65 billion by the end of July.
And this growth is already reshaping expectations for the IPO itself. People familiar with the process say Anthropic and its bankers are targeting a valuation range between $1.5 trillion to $2 trillion for the public offering, well above the $965 billion that was raised in May.
This growth has been driven largely by demand for Claude and Claude Code, as businesses increasingly use Anthropic’s AI tools for software development and other work.
Why the Public Filing Matters
The public prospectus will move Anthropic into a different level of scrutiny.
Private investors have already placed a $965 billion value on the company. Public investors will get to examine the numbers behind that valuation, including revenue, expenses, losses or profits, customer concentration, infrastructure commitments, and the risks Anthropic faces as it spends heavily to develop and operate increasingly powerful AI systems.
It will also give the wider market a clearer view of the economics of one of the world’s most valuable AI companies, especially as the company is now preparing to enter public markets at a moment when investors are already paying close attention to enormous AI valuations.
Its expected listing would also put it in a direct race with OpenAI, which has been exploring its own path toward an IPO.
For Anthropic, the next few weeks could reveal more than the date of its stock market debut. They could show whether the financial reality of building frontier AI can support the extraordinary valuations private investors have already placed on the industry.
