Anthropic is targeting a stock market debut before the United States Thanksgiving holiday in late November, with the artificial intelligence company said to be eyeing the start of formal IPO marketing as soon as the week of 9th November.
The San Francisco-based firm, best known for its Claude family of AI models, had previously delayed listing plans that were originally expected to move forward after the summer. A debut before Thanksgiving would require things to move quickly, given that dealmaking traditionally slows sharply around the holiday, which falls on 26th November. Even if that window closes, people familiar with the matter indicate the company still expects to list no later than the end of the year.
Prospective investors are circling with considerable enthusiasm, despite the broader IPO market having had a difficult run. When removing standout listings such as SpaceX and SK Hynix, the weighted average return for newly listed stocks this year sits at a loss of roughly four per cent, well behind the twelve per cent posted by the S&P 500 and the twenty per cent gain recorded by the Nasdaq 100.
That context has not dampened appetite for Anthropic’s shares. Some prospective backers reportedly put a fair valuation somewhere in the range of 1.8 trillion to 2 trillion US dollars and the company is said to be aiming to match or surpass the scale of SpaceX’s own listing.
The financial picture is one of rapid growth accompanied by significant losses. Anthropic’s revenue for 2025 came in at roughly 4.6 billion US dollars, a dramatic step up from approximately 386 million dollars the year before. Its net loss, however, widened to nearly 42 billion dollars, a roughly fivefold increase, driven largely by a jump in the fair value of the company’s liabilities rather than pure operational burn.
The push towards a listing comes as competition in the AI sector intensifies. OpenAI has postponed its own IPO plans, with its chief executive arguing the timing is unfavourable. Anthropic’s chief executive Dario Amodei, meanwhile, has publicly called for a slower pace of AI model development, citing safety concerns that have gained broader attention following a series of high-profile incidents involving AI agents.
Whether those concerns create any headwind for investor sentiment remains to be seen. The reported valuations suggest appetite remains robust for now.
