Bloomberg: Anthropic could start marketing its IPO as soon as Nov 9, aiming for a pre-Thanksgiving debut

Anthropic could start formally marketing its initial public offering as soon as the week of November 9, Bloomberg reported Thursday, citing people familiar with the matter. The timing would put the Claude maker in line to begin trading before Thanksgiving on November 26, when dealmaking typically grinds to a halt around the holiday.

The plan and the timing

According to the report, Anthropic PBC is seeking to go public as soon as the middle of November, after the company pushed back its plans to list. The debut is still expected no later than the end of the year, and the people cautioned that the timeline could keep shifting.

The same people said Anthropic is set to meet prospective investors at its San Francisco headquarters on October 14, in preparation for the IPO. The developer of the Claude models had previously been expected to file publicly for an offering after the summer.

Investors see a $1.8 trillion to $2 trillion valuation

Prospective investors believe a fair valuation for Anthropic is in the $1.8 trillion to $2 trillion ballpark, the people said. That range would top SpaceX's June listing, valued at about $1.8 trillion. Anthropic expects to match or beat the size of SpaceX's IPO, Bloomberg News has reported.

Investor appetite appears undented by the company's financials. Anthropic reported a net loss of almost $42 billion in 2025, roughly five times the prior year, on revenue of about $4.6 billion, up from $386 million. More than $34 billion of the loss stemmed from a change in the fair value of its liabilities.

Why it matters

A listing at this scale would test whether public-market investors will pay the valuations that private capital has assigned to leading AI labs, a sector financed so far mainly by private investment.

According to Bloomberg, Anthropic faces renewed competition from OpenAI, which has gained sales momentum in recent months. Both companies are at the center of mounting scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents. Chief executive Dario Amodei recently published an essay arguing that the speed of AI development must be slowed, while OpenAI has postponed its own IPO plans, with chief executive Sam Altman saying it would be ill-advised to go public now.

Pressing ahead would also see Anthropic defy a string of delays in the market for new listings: Oura was the third company in a matter of weeks to postpone its debut, doing so hours before a planned first-time share sale.