Report: Anthropic delays IPO to November, valuation expected to reach $2 trillion
Analysis suggests that Anthropic's IPO has been postponed to November in order to disclose Q3 financial data and demonstrate its competitiveness. Reports indicate the company's annualized revenue is expected to exceed $100 billion. Last week, CEO Dario Amodei called for slowing down AI development; investors believe this move will help clarify the company's safety stance without affecting the attractiveness of the IPO.
Anthropic plans to go public in November, with trillion-yuan revenue supporting a 2 trillion valuation.
According to The Wall Street Journal, AI unicorn Anthropic is planning to complete its IPO in November, later than the previously expected October timeframe.
Some advisors believe that delaying until November will give the company time to disclose its Q3 financial data, allowing Anthropic to demonstrate its solid competitive position to investors after rival OpenAI released its latest Astra model in September.
Investors expect Anthropic's IPO valuation to reach approximately $2 trillion, with the fundraising scale reaching up to $100 billion. Both figures would surpass the records set by SpaceX at its IPO in June this year.
According to The New York Times, citing informed sources, Anthropic's annualized revenue this year is expected to surpass $100 billion, with existing investors projecting that the company's annualized revenue will exceed $110 billion before the end of the year. Previous reports from Bloomberg showed that as of the end of July, Anthropic's annualized revenue had reached $65 billion, compared to just $9 billion by the end of 2025.
The report states that the company plans to meet with potential investors in the coming days, with the impact of a possible slowdown in AI development on financials being a core issue for discussion.
IPO Schedule Adjustment Has Limited Connection to AI Safety Debate
According to some informed sources, Anthropic made the decision to target a November IPO before a former company researcher publicly issued warnings that ignited debate over the pace of AI development.
Anthropic CEO Dario Amodei was the first among top AI executives to call publicly for a slowdown, posting on his blog last Saturday that the current pace of advancing frontier AI tools brings excessive risks and should not proceed at the current speed.
OpenAI CEO Sam Altman and SpaceX’s Elon Musk subsequently expressed similar positions.
Several Silicon Valley venture firms that have heavily invested in Anthropic believe that Amodei’s push to establish industry safety standards comes at a reasonable time, and do not think it will weaken investor interest in the IPO.
One investor noted that, once Anthropic becomes a public company, it will face stricter scrutiny from shareholders, so clarifying its position on safety risks early could provide protection if problems arise in the future.
Regarding the potential financial impact of slowing AI development, Anthropic’s advisors and existing investors remain optimistic.
They believe that, given current models are already generating significant revenue, slowing the pace of new model releases is unlikely to have a substantial impact on the company’s financial outlook.
The upcoming meetings with investors are intended to help the company and its underwriters assess market demand for the stock offering. Some potential investors are expected to ask about the possible effects of a slowdown in AI development on Anthropic’s financial position and target valuation.
OpenAI’s Fundraising Dynamics May Affect Demand; Competitive Landscape in Flux
Anthropic’s largest competitor, OpenAI, has made clear plans to go public as early as 2027.
Reports indicate OpenAI is currently in preliminary talks for a new round of financing, which, if successful, would value the company above $1.2 trillion. OpenAI’s previous round brought in over $120 billion from investors.
Some Anthropic investors warn that if OpenAI completes a similar-scale fundraising before Anthropic’s public listing, it could siphon off demand for shares in the developer of Claude.
At the same time, Anthropic hosted a venture capital forum at its headquarters this week, attended by several executives including Jared Kaplan, Benjamin Mann, and Andrej Karpathy. The company introduced new products to attendees, including the “Model Hardware Standard”—a product that allows AI agents to operate devices such as microscopes and robotic arms.
The topic of the IPO was rarely mentioned during the event. According to one attendee, the discussion focused more on the frontiers of AI technology, including how to determine whether enterprises have achieved the more advanced form of AI known as “Artificial General Intelligence.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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