Anthropic, the company behind Claude and Claude Code, is preparing to go public in a stock offering that could raise more than $100 billion and value the five-year-old startup at up to $2 trillion. That would make it the biggest initial public offering in history, surpassing SpaceX's $85.7 billion raise in June.
From safety lab to Wall Street
Founded in 2021 by former OpenAI executives Dario and Daniela Amodei, Anthropic has grown explosively on the back of Claude Code, its AI coding assistant. The company hit $65 billion in annualized revenue in July, up from $47 billion just two months earlier. It now serves over 6,000 customers paying at least $100,000 annually.
Morgan Stanley, Goldman Sachs, and JPMorgan are reportedly leading the offering. Anthropic could reveal its public filing within weeks, with shares potentially listing this autumn—beating OpenAI to the public markets by a full year.
The catch: Anthropic's revenue is impressive, but the company has struggled with chip shortages and lost all U.S. Defense Department contracts in March after refusing to give the military unrestricted access to its models. An IPO this size with an active government dispute is unusual, and investors will want answers.