Anthropic stepping on the gas for mega-listing

Anthropic has announced its intention to file a public offering registration with the Securities and Exchange Commission (SEC) by the end of this month, according to a report by Bloomberg citing anonymous insiders. The company aims to secure a valuation that would surpass the initial $75 billion raised by SpaceX’s IPO, which eventually reached $85.7 billion after additional allocations. Current figures for the proposed offering remain under review, with Anthropic still finalizing the numbers for its application. Earlier reports from the Financial Times had suggested investors were anticipating a listing in October with a valuation of up to two trillion dollars. However, the expectations remain high, with many believing that even such a figure might not eclipse the success of SpaceX's IPO. A separate exclusive report by Reuters indicated that the valuation is largely based on internal revenue projections of between $190 and $200 billion for 2028. These optimistic forecasts, however, lack transparency, and during recent investor briefings led by Anthropic’s Chief Financial Officer Krishna Rao, questions regarding valuation were deliberately avoided. In May, Anthropic secured $65 billion in funding, bringing its valuation to $965 billion. Yet, the central question remains whether the company can sustain profitability given the massive costs associated with training and operating its AI models, along with infrastructure expenses. According to Bloomberg, the firm is projected to record a loss of around $42 billion in 2025, approximately five times greater than the loss recorded in 2024. For 2026, preliminary and unverified figures suggest that in the second quarter, Anthropic generated more than $11.5 billion in revenue and achieved its first positive adjusted operational profit. At the same time, there are circulating estimates of an annualized revenue run rate exceeding $65 billion. This figure, however, represents a projection based on a shorter period and is not actual revenue. It is subject to interpretation depending on the timeframe selected, making it less reliable as a measure of performance. The financial uncertainties surrounding Anthropic have sparked concerns about the broader implications of the AI industry’s rapid growth. As the company prepares to go public, the timing coincides with growing fears over a potential “AI bubble.” These anxieties are amplified by complex financing structures among leading AI firms, an unprecedented investment surge, and sky-high valuations. In recent months, a research group within the European Central Bank has issued warnings about the risks posed by the hype surrounding artificial intelligence. Since early June, Anthropic has been working behind closed doors to prepare for its IPO, submitting a confidential application to the SEC. Such filings allow companies to advance their preparations while protecting sensitive financial data from competitors and the public. With the stakes high and the market watching closely, the coming weeks will determine whether Anthropic can successfully navigate the challenges of going public amid ongoing scrutiny and uncertainty.