Multiple sources have confirmed to Bloomberg that Anthropic is preparing the largest initial public offering in history: a public filing could arrive as soon as the end of August, with a targeted raise that would match or beat SpaceX’s record $75 billion, and a valuation approaching $2 trillion. The valuation gamble of the AI era is sending shockwaves through Wall Street.
The Largest IPO Ever: How Crazy Are the Numbers
According to Bloomberg, Anthropic expects its IPO to “meet or surpass” SpaceX’s record. If it succeeds, it would easily power 2026 to become the best year on record for US IPO volume. Today’s listing boom has already rewarded newly public companies, but Anthropic operates on a different scale entirely — investors broadly expect the Claude developer to hit the public market at a valuation of at least $2 trillion, a figure that would surpass the market cap of the vast majority of S&P 500 constituents.
Reports indicate the company confidentially filed IPO paperwork in June 2026 at a $965 billion valuation, with a listing expected in October. To support the deal, Anthropic is finalizing a revolving credit facility that would exceed its roughly $10 billion target, and Wall Street banks are fiercely competing for underwriting roles — Citigroup has just been added to the top-tier syndicate, a measure of just how lucrative this mandate is.
$2 Trillion Valuation vs $42 Billion Loss: Wall Street’s Crisis of Faith
The divide between bulls and bears has never been sharper. The bull case rests on exploding revenue: Anthropic’s annual revenue has surpassed $47 billion, growing faster than any large tech company ahead of its public debut. Market commentators like Jim Cramer argue that this revenue curve alone justifies an unprecedented valuation.
But the shadow is just as large. Filings show Anthropic lost nearly $42 billion in 2025 — five times the previous year’s loss. Skeptics ask: how can a company losing tens of billions a year go public at a $2 trillion valuation? That question is the essence of the “AI bubble” debate: if revenue growth keeps delivering, losses are merely the cost of expansion; if growth slows, the valuation faces a brutal reset.
Founder Supervoting Shares: Amodei’s Line of Defense
The Information reports that Anthropic is preparing to grant CEO Dario Amodei and other co-founders a class of supervoting stock ahead of the IPO, insulating them from external shareholder pressure after listing. The move echoes the dual-class structures used by Meta and Google at their debuts, signaling that Amodei’s team is determined to keep control of safety policy and the long-term roadmap even as the company plunges into capital markets — a pointed choice for a company whose brand is built on “AI safety.”
Notably, Anthropic has not been idle ahead of the listing: the company is in talks to acquire AI startup Decart for roughly $6 billion, which would be its largest-ever acquisition. Meanwhile, early investors including Amazon and SpaceX have already locked in gains before the IPO even happens — the wealth-creation machine of the AI boom is accelerating.
What It Means for Markets and Investors
The Anthropic IPO will be a watershed event for the AI era. It is not just one company going public — it is the public market’s collective pricing of the “AI revenue narrative.” If the $2 trillion valuation lands, it raises the ceiling for the entire AI supply chain, and every AI company queuing to list will anchor against it; if demand fizzles, it could be the first warning bell of an AI bubble bursting.
For ordinary investors, the priority now is staying calm: the halo of the largest IPO in history does not guarantee returns. A $42 billion annual loss coexisting with $47 billion in annual revenue means this is an extreme vote of confidence in growth durability. Watch the public filing expected by the end of this month — the customer concentration, capital expenditure, and cash burn figures inside will be the real measure of this gamble’s quality.
Conclusion
Anthropic is charging toward the largest IPO in history with a $2 trillion valuation and a raise target exceeding SpaceX’s record — public filing as soon as end of August, listing in October. Exploding revenue coexists with staggering losses, supervoting shares advance alongside a landmark acquisition. This listing is both the peak declaration of the AI boom and the ultimate test of market confidence. Whatever the outcome, the history of 2026’s capital markets is about to be rewritten.
