The Anthropic IPO is shaping up as the largest stock offering ever attempted. Reuters reported on September 11 that Nvidia is in talks to anchor up to $10 billion of a deal that could raise as much as $100 billion at a valuation near $2 trillion. Anthropic has picked Nasdaq, and the Financial Times says it told shareholders on September 13 to expect a second straight profitable quarter.
How big would the Anthropic IPO actually be?
Big enough to reset the record book. Bankers are discussing a raise of up to $100 billion at a valuation approaching $2 trillion, according to Reuters reporting relayed by PYMNTS. For scale, all U.S. IPOs combined raised roughly $137 billion through August 2026.
That last comparison is the one to sit with. A single listing would be pulling in roughly three-quarters of what the entire American new-issue market absorbed in eight months.
The valuation target
Fortune reported in August that investors were circling a $2 trillion figure, which would put Anthropic above SpaceX. TechRepublic, citing Reuters, pegged SpaceX at $1.77 trillion as of June 2026.
Anthropic’s last private mark was far lower. Blockonomi’s summary of the reporting puts the May 2026 round at a $965 billion post-money valuation. A $2 trillion debut would roughly double that in five months.
Nobody has fixed the number. Fortune was explicit that the valuation “has not been formally fixed within the company.”
The terms on the table
| Item | Reported figure | Source |
|---|---|---|
| Target valuation | ~$2 trillion | Reuters / Fortune |
| Potential raise | Up to $100 billion | Reuters |
| Nvidia anchor stake | Up to $10 billion | Reuters, Sept 11 |
| Listing venue | Nasdaq (unconfirmed) | Financial Times |
| Confidential S-1 | Submitted June 1, 2026 | Blockonomi |
| Prior valuation (May 2026) | $965 billion post-money | Blockonomi |
| Banks on the deal | Morgan Stanley, Goldman Sachs, JPMorgan, Citi | Reuters via TechRepublic |
| Revolving credit facility | $15 billion, being finalized | Reuters via TechRepublic |
Neither Anthropic nor Nvidia has confirmed any of it publicly.
Why would Nvidia anchor the Anthropic IPO?
Because Nvidia already has money in the outcome. Reuters reported the chipmaker is weighing up to $10 billion as a cornerstone investor. In November 2025, Nvidia pledged up to $10 billion alongside a $30 billion Anthropic commitment for Nvidia-powered Azure infrastructure, per PYMNTS.
The pattern is familiar by now. The supplier funds the customer, the customer buys the supplier’s chips, and both sides book growth.
It is also a hedge. Anthropic has spent 2026 spreading its compute across vendors — including a $35 billion contract with Lambda and a $45 billion Nscale deal — while working on its own silicon. An equity stake keeps Nvidia close to a customer that is actively reducing its dependence on Nvidia.
The circularity problem
Here is the skeptical read. When a chip vendor buys equity in a listing whose proceeds will largely be spent on that vendor’s chips, some fraction of the “demand” is the vendor’s own balance sheet returning home.
That does not make the revenue fake. It does mean investors should discount headline backlog figures that were financed by the counterparty booking them.
Is Anthropic actually profitable?
On an adjusted basis, yes — with caveats. The Financial Times reported on September 13 that Anthropic told a small group of shareholders it expects a second consecutive quarter of adjusted operating profit, on Q2 revenue of $11.5 billion, up more than 14-fold year over year.
Gross margins ran “above 80%,” the FT said — but that figure comes before revenue shared with distribution partners and before the cost of training models.
Those two exclusions are not rounding errors. Training is the single largest cost line at a frontier lab.
What the adjusted number leaves out
The reported Q2 operating profit is roughly $559 million, on an EBITDA-style non-GAAP basis that excludes stock-based compensation. Critic Ed Zitron argues in a detailed teardown that the profit would vanish at full compute prices.
His specific claim: a SpaceX compute agreement carried discounted “ramp-up” rates for May and June 2026 — precisely the months in question — against a standard rate he cites at $1.25 billion monthly.
Zitron also notes the Wall Street Journal’s observation that it is unclear what accounting methods Anthropic used, since a private company is not held to public reporting standards. Anthropic itself reportedly told shareholders it may not stay profitable for the full year as spending rises.
- Non-GAAP basis — excludes stock-based compensation and other costs.
- Margin caveat — the 80%+ gross margin sits above distribution revenue share and training costs.
- Timing — the profitable months coincide with reported discounted compute rates.
- No audit trail — accounting methods are not public until the S-1 is unsealed.
- Company guidance — full-year profitability is not promised.
When will the Anthropic IPO price?
The working window is October. TechRepublic, citing Reuters, reported the public prospectus is expected in late September, with marketing beginning mid-October at the earliest and a listing potentially landing days before the November U.S. midterm elections.
| Date | Milestone |
|---|---|
| June 1, 2026 | Confidential draft S-1 submitted |
| Sept 11, 2026 | Reuters reports Nvidia anchor talks |
| Sept 13, 2026 | FT reports second profitable quarter, Nasdaq choice |
| Late Sept 2026 | Public prospectus expected |
| Mid-Oct 2026 | Roadshow could begin |
| Early Nov 2026 | Possible listing, ahead of midterms |
Every one of those dates is reported, not scheduled. An SEC review, a market wobble, or a soft roadshow moves all of them.
Why this matters for the AI market and investors
An Anthropic IPO at this size does something no private round can: it forces disclosure. The S-1 will show audited costs, contract terms, customer concentration, and the true shape of those compute commitments.
Until now, the AI capex story has been told through press releases. Anthropic has announced tens of billions in infrastructure deals this year alone, and outsiders have had to take the economics on faith.
A public filing ends that. It also gives every other private AI lab a comparable — a real multiple against real numbers rather than a negotiated private mark.
The risk cuts the other way too. Anthropic is reportedly forecasting $190 billion to $200 billion of revenue in 2028, against an annualized run rate that passed $65 billion in July, up from about $9 billion at the end of 2025. That is a steep curve to underwrite, and the market has repriced AI assets sharply before.
Legal exposure is not zero either. Anthropic is still working through a $1.5 billion copyright settlement, and a prospectus has to disclose all of it.
This post is reporting and analysis, not financial advice.
Frequently asked questions about the Anthropic IPO
Has Anthropic filed publicly for an IPO?
Not yet. Blockonomi reports a confidential draft S-1 was submitted June 1, 2026. The public prospectus is expected in late September, per Reuters reporting.
What exchange will Anthropic list on?
The Financial Times reported Anthropic selected Nasdaq. Neither Anthropic nor Nasdaq has publicly confirmed it.
How much is Anthropic worth?
Its last private mark was about $965 billion post-money in May 2026. Investors have discussed an IPO valuation near $2 trillion, but Fortune reported the figure is not formally fixed.
Is Nvidia definitely investing?
No. Reuters reported talks for up to $10 billion on September 11, and sources cautioned the discussions are private and could change. Neither company has confirmed.
How much revenue does Anthropic have?
Q2 2026 revenue was $11.5 billion, per the FT. Annualized run rate exceeded $65 billion by the end of July, up from roughly $9 billion at the close of 2025.
Would this be the largest IPO ever?
If it raises near $100 billion, yes by a wide margin. Fortune described it as potentially “the largest public offering of stock ever.”
What is the biggest risk to the deal?
Timing and scrutiny. The S-1 will expose compute contract economics for the first time, and the reported November window sits right on top of the U.S. midterm elections.
The bottom line
The Anthropic IPO has moved from rumor to logistics. Banks are mandated, an exchange is picked, a prospectus is weeks away, and the largest chipmaker in the world is reportedly negotiating to anchor it.
What has not arrived is evidence. Every number driving the $2 trillion conversation is either unaudited, adjusted, or sourced to people familiar with private discussions.
The late-September filing is the event that matters. When the S-1 lands, the profitability claim either survives contact with GAAP or it does not — and that single document will reprice the entire private AI market, up or down.
Not financial advice.
Sources
- Financial Times via Investing.com — Anthropic tells investors it will post second straight quarterly profit
- PYMNTS — Anthropic Could Land Nvidia as $10 Billion IPO Investor
- TechRepublic — Anthropic Moves IPO Timeline Toward Mid-October
- Fortune — Anthropic reportedly plans a $2 trillion IPO in October
- Blockonomi — Anthropic IPO Chooses Nasdaq as October Listing Plans Take Shape
- Ed Zitron — Anthropic’s “Profitability” Swindle
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