Anthropic delays IPO timeline, targets mid-October marketing launch
Anthropic’s delayed IPO timeline includes a late-September prospectus, mid-October marketing campaign and preparations for a $15 billion credit facility.
Anthropic is pushing back the timeline for its much-anticipated initial public offering, with the artificial intelligence company now expected to begin marketing the deal no earlier than mid-October, people familiar with the matter told Reuters.
The company’s public IPO prospectus, which had been expected as early as next week, is now likely to appear in late September, two of the people said. The schedule remains subject to change as Anthropic works through the preparations for its market debut.
The revised timeline could put the listing just days before the US midterm elections in November. The offering is being closely watched by investors, with some estimating that Anthropic could seek a valuation of around $2 trillion. Such a deal would rank among the largest IPOs ever and serve as a major test of investor demand for AI companies.
Credit facility takes centre stage
Anthropic is also working to complete a $15 billion revolving credit facility before moving further into the IPO process. Once the facility is finalised, analysts, including those at banks involved in the financing, are expected to meet with the company.
Analyst meetings generally take place several weeks before an IPO prospectus becomes public. In Anthropic’s case, however, the period could be shorter because analysts already have substantial familiarity with the company.
Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the offering. Anthropic declined to comment.
Revenue expectations extend to 2028
The proposed valuation is also being assessed against Anthropic’s longer-term growth expectations. Two people familiar with the company’s financials said Anthropic is forecasting revenue of about $190 billion to $200 billion in 2028.
That compares with the $47 billion revenue run rate the company disclosed in May. Bankers and investors are using enterprise value-to-revenue multiples based on those projections as they assess the potential valuation.
Using forecasts two years into the future is less common, but people familiar with the process said Anthropic’s rapid expansion and heavy investment in AI infrastructure make conventional comparisons difficult.
AI IPO race
Anthropic’s public offering could arrive alongside potential listings from other AI companies, including OpenAI, adding to investor focus on the sector.
SpaceX went public in June at a record $1.77 trillion valuation, setting a benchmark for the scale of major technology listings.
Anthropic’s IPO preparations also follow an improvement in its relationship with the Trump administration after months of tensions over AI safety measures and national defence boundaries.