Anthropic Files for IPO That Could Raise $100 Billion and Top SpaceX

Anthropic filed paperwork for its initial public offering on Monday, and some reports put the potential raise at as much as $100 billion — a figure that would beat the record set by Elon Musk's SpaceX debut in June and Saudi Aramco's 2019 listing.

The San Francisco-based AI company disclosed its plans in a regulatory filing with the US Securities and Exchange Commission. It will list on the Nasdaq Global Select Market under the ticker symbol ANT, and the IPO is planned for next month, according to the filing. The company said the offering aims to accelerate its expansion.

The timing puts Anthropic ahead of OpenAI, which is eyeing a potential IPO next year. At the low end of estimates, the startup is already touted to become one of the most valuable companies in the world.

What did Anthropic tell investors?

The filing is a 335-page S-1, and Anthropic opens it with an unusual framing for a company about to sell stock. Four points, laid out directly:

• The incredible potential of AI
• The risks the company must address
• Anthropic's unique approach to building a company and operating in the world
• The ways its behavior may differ from that of a purely profit-maximizing company

The filing reads: "We believe that AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort."

That's a mission statement with trillion-dollar framing — and the numbers may match it.

How big could the valuation get?

Three figures anchor the story. Earlier this year, private investors valued the five-year-old startup at $965 billion. SpaceX was valued at $1.8 trillion when it debuted in June. And per Reuters, Anthropic's value could reach $1.5 trillion or even $2 trillion.

At those levels, Anthropic would rank among the world's most valuable companies alongside Tesla, according to the news agency.

The amount Anthropic intends to raise remains under wraps, along with its final valuation and offer price. But even at lower estimates, the startup is expected to land near the top of the market.

The filing also carries a number investors won't skip: Anthropic has yet to turn a profit, despite rapidly growing revenue. That's a familiar profile for AI listings, but at a near-$1-trillion private valuation, the gap between revenue and profit carries real weight.

Who is running the deal?

Goldman Sachs and Morgan Stanley are the lead banks for the IPO, joined by 20 other underwriters. Morgan Stanley will act as stabilisation agent, overseeing the stock's early trading, according to the paperwork.

That's a heavyweight syndicate for a debut that could reset the record books. If the raise hits the reported $100 billion ceiling, Anthropic would surpass both SpaceX's June debut and Saudi Aramco's 2019 IPO — the two largest listings on record.

What happens next month?

The listing window matters as much as the size. Anthropic's Nasdaq debut arrives before OpenAI's potential IPO next year, giving the company a first-mover claim among frontier AI labs on public markets.

The unanswered questions are the offer price, the final valuation and the raise amount — all still undisclosed. What's on file is the intent: a ticker, a timeline and a bank lineup built for one of the largest IPOs in history. Investors now get to price what Anthropic itself calls a company that may not behave like a purely profit-maximizing one.