Anthropic expects its initial public offering to match or beat the size of SpaceX’s record-setting listing, according to people familiar with the matter, as preparations for the Claude developer’s market debut speed up.
The artificial intelligence (AI) company could file publicly for the offering as soon as the end of August. Chief Financial Officer Krishna Rao sidestepped valuation questions during recent investor briefings, the people said.
Anthropic IPO Faces a $75 Billion Benchmark
SpaceX sold 555.56 million shares at $135 each in June, raising $75 billion. That valued Elon Musk’s rocket company near $1.77 trillion and set the record for the largest US listing. The stock closed its first Nasdaq session at $161.
Bloomberg first reported the size expectation on Thursday. Matching that raise would force Anthropic to sell tens of billions in stock, and the company has already borrowed one part of the SpaceX blueprint by planning supervoting shares for founders.
Revenue Growth Anchors the Pitch
Anthropic’s annualized revenue run rate reached $65 billion in July, up from more than $47 billion earlier in the year and roughly $10 billion across all of 2025. A May funding round valued the firm at $965 billion, ahead of OpenAI’s $852 billion.
That trajectory has pushed some backers toward a $2 trillion IPO valuation, although Rao has endorsed no figure. Anthropic filed its prospectus confidentially with the Securities and Exchange Commission (SEC) in June.
Crypto Traders Already Hold a Position
Synthetic markets have priced Anthropic exposure for months. PreStocks, which issues pre-IPO tokens on Solana, controls 78% of volume in OpenAI and Anthropic pre-IPO tokens, out of $532.1 million traded across venues since launch.
Interest has cooled, however, with roughly $15.2 million changing hands over the past 30 days. A public filing would swap those estimates for audited numbers, and it would arrive well ahead of OpenAI’s own listing timeline of 2027.
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