Anthropic is now expected to make its IPO prospectus public in late September and begin marketing the offering in mid-October at the earliest, with a listing potentially coming before the US midterm elections.
| Photo Credit:
Dado Ruvic
Anthropic is expected to begin marketing its
initial public offering in mid-October at the earliest and
complete the listing days before the U.S. midterm elections in
November, people familiar with the matter said on Friday.
The artificial intelligence company had been expected to
make its IPO prospectus public as early as next week, two of the
people said, a crucial step that would kick off the final stages
of the offering. Now that is not expected until late September,
the people added, cautioning that the plans, including the
timing, are subject to change.
The shift pushes back what some investors have said could be
a $2 trillion listing, one of the largest IPOs ever attempted
and a major test of public-market appetite for the rapidly
growing artificial intelligence industry.
Companies frequently adjust their IPO schedules as they work
through market conditions, regulatory reviews and other
preparations, so such changes are not unusual.
As part of the IPO process, Anthropic is looking to finalize
a $15 billion revolving credit facility, after which analysts,
including those at banks involved in the financing, are expected
to meet with the company, one of the people said. Bloomberg News
earlier reported that Anthropic was in talks to expand the
facility to $15 billion.
Companies typically leave a few weeks between analyst
meetings and making the IPO prospectus public,
although Anthropic is expected to have a tighter window because
analysts already know the company well, the person said.
Anthropic declined to comment.
The offering is expected to be one of the most closely
anticipated IPOs ever, as investors look to public markets for
exposure to the rapidly growing artificial intelligence
industry. It could come alongside potential listings from other
AI companies, including OpenAI. Elon Musk’s SpaceX
went public in June at a record $1.77 trillion valuation.
Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among
the banks working with Anthropic on the IPO, according to people
familiar with the matter.
The banks declined to comment.
Published on September 5, 2026
