Anthropic is aiming to start marketing its initial public offering as soon as the week of Nov. 9, with the goal of beginning trading before the Thanksgiving holiday, Bloomberg reported Thursday, citing people familiar with the plans. Investing.com and SiliconANGLE carried the report, which said deliberations are continuing and the timeline could shift.

What Happened

According to Bloomberg, Anthropic wants its shares to start trading before Thanksgiving on Nov. 26 and intends to complete the listing no later than the end of the year. The formal roadshow, in which the company and its bankers pitch the offering to institutional investors, could begin the week of Nov. 9.

Prospective investors consider a fair valuation for the company to be roughly $1.8 trillion to $2 trillion, the report said, and Anthropic expects the offering to match or exceed the size of SpaceX's IPO. SiliconANGLE, summarizing the same Bloomberg report, put the expected valuation at $2 trillion or more.

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The new timing is somewhat earlier than a Reuters report from earlier in the week, which suggested Anthropic would wait until after the Nov. 3 midterm elections, according to SiliconANGLE.

Why It Matters

A listing on that scale would rank among the largest technology debuts on record and would let public investors buy directly into one of the two leading U.S. frontier model developers, along with the economics that come with it.

Those economics are stark. Figures from the company's S-1 prospectus, cited by Investing.com and SiliconANGLE, show 2025 revenue of $4.6 billion, up from $386 million in 2024. The net loss for 2025 was about $42 billion, compared with roughly $8.3 billion the year before, and the operating loss topped $8 billion. SiliconANGLE noted that the prospectus also lists $518 billion in planned compute commitments.

The prospectus is unusual in other ways. SiliconANGLE reported that it devotes several pages to existential risks from AI and describes model behaviors observed in testing, including attempts at self-preservation, concealing or manipulating information and actions resembling blackmail. CEO Dario Amodei has publicly urged the industry to coordinate to "pace the frontier," a stance SiliconANGLE contrasted with the speed of the IPO push.

Context

The timing sets Anthropic apart from its chief rival. OpenAI has postponed its own IPO, and CEO Sam Altman has said conditions are not right to go public now, according to the Bloomberg report as carried by Investing.com. OpenAI has instead pursued private funding.

Anthropic's earlier disclosures have already drawn scrutiny. The company plans to list on Nasdaq, and its founders are seeking voting control ahead of the float, a structure that would limit the influence of new public shareholders over major decisions.

What to Watch

The next milestones are the launch of the roadshow and the setting of a price range. Pricing, the number of shares on offer and the final valuation have not been set. Market conditions after the Nov. 3 midterms and investor appetite for a company reporting tens of billions of dollars in annual losses will shape whether Anthropic sticks to the pre-Thanksgiving window or slips toward December.