Anthropic, the company behind Claude, is reportedly preparing an initial public offering with a valuation of more than 2 trillion USD in view. The deal is expected to match or exceed the size of SpaceX's record-setting offering, and a formal public filing could come as soon as the end of August. A company founded five years ago is about to ask the public market for the largest price tag in IPO history.

※1 USD = 159 JPY (as of August 21, 2026)

The benchmark is SpaceX's record

Bloomberg, citing people familiar with the matter, reported that Anthropic is sizing its offering to match or beat SpaceX. SpaceX raised 75 billion USD (about 11.9 trillion yen) in its initial share sale, and the total reached 86.2 billion USD (about 13.7 trillion yen) after the overallotment option was exercised. That remains the largest IPO on record.

The valuation figure being discussed is 2 trillion USD (about 318 trillion yen). Some scenarios reportedly run higher, and the Financial Times has pointed to estimates reaching 3 trillion USD (about 477 trillion yen). Discussions remain fluid, and nothing about the terms is final.

Anthropic itself disclosed in June that it had confidentially submitted a draft Form S-1 registration statement to the SEC. The valuation under discussion at that point was close to 1 trillion USD (about 159 trillion yen). In roughly two months, the target has doubled.

A 65 billion USD run rate against a 42 billion USD loss

Revenue growth is what supports that number. Preliminary second-quarter revenue came in above 11.5 billion USD (about 1.8 trillion yen), up from 787 million USD (about 125 billion yen) in the same period of 2025, a more than tenfold increase. The annualized revenue run rate reached 65 billion USD (about 10.3 trillion yen) by the end of July.

The cost of building frontier models weighs heavily on the other side of the ledger. Anthropic posted a net loss of roughly 42 billion USD (about 6.7 trillion yen) for 2025, about five times the 8.3 billion USD (about 1.3 trillion yen) loss a year earlier. The company did reach positive adjusted operating income in the second quarter, which supports the argument that its economics improve as revenue scales.

The funding history is equally striking. Anthropic raised 65 billion USD (about 10.3 trillion yen) in May at a 965 billion USD (about 153 trillion yen) valuation, putting it ahead of OpenAI, which was valued at 852 billion USD (about 135 trillion yen) after raising 122 billion USD (about 19.4 trillion yen) in March.

Underwriters, and how the founders keep control

Morgan Stanley, Goldman Sachs and JPMorgan Chase are reported to be working on the offering, and more banks could join. Ahead of the public filing, the company is expected to finalize a revolving credit facility above its roughly 10 billion USD (about 1.6 trillion yen) target.

Voting structure is the detail worth watching. Anthropic is reportedly considering super-voting shares that would give CEO Dario Amodei and his co-founders greater influence after the listing. Amodei is said to own roughly 2 percent of the company, which is not enough to steer it on economic ownership alone. If the goal is to insulate safety policy and development pace from outside shareholder pressure, the voting design becomes unavoidable.

What the public market would actually be pricing

Through the generative AI boom, direct exposure to the companies building the models has been confined to private markets. An Anthropic listing would open that door to public investors.

The company is reported to have agreed to a computing arrangement with SpaceX that could be worth tens of billions of dollars over the next three years. Securing chips, data center capacity and electricity keeps pushing the required capital higher, which turns access to public funding into something closer to a precondition than an option.

The U.S. IPO market is also having a record year. Offerings raised 160.6 billion USD (about 25.5 trillion yen) through August 19, closing in on the 195.2 billion USD (about 31 trillion yen) record set in 2021. A single deal larger than SpaceX would be enough to break it.

OpenAI, meanwhile, is reported to be considering a listing in 2027, and both companies have already filed confidentially. Which one faces public-market scrutiny first will shape how the industry is read.

The 2 trillion USD question is not about the revenue Claude generates today. It is about how much of the coming AI economy Anthropic can capture, and whether the public market is willing to put a price on that view.

Summary

Anthropic is reported to be preparing an IPO larger than SpaceX's record offering, with a valuation of more than 2 trillion USD in view. Behind an annualized run rate of 65 billion USD sits a 2025 net loss of roughly 42 billion USD, leaving profitability as the open question. A formal filing could arrive as early as the end of August, and terms will move with market conditions. This deal looks set to become the test of how far public investors will price the future of AI.