Anthropic has reportedly selected Nasdaq as the venue for its planned initial public offering, with a target listing date of October, according to a report from Business Insider citing a person familiar with the matter.
The company is targeting a valuation of $2 trillion or more for the IPO, a figure that would surpass the $1.75 trillion valuation of Space Exploration Technologies Corp. (SPCX) following its listing in June.
Anthropic’s Series H funding round in May valued the company at $965 billion, though secondary-market transactions have reportedly pushed its implied valuation higher since, with estimates currently ranging from roughly $1.05 trillion to $1.5 trillion.
The company told a small group of investors that it expects positive adjusted operating income for a second consecutive quarter, according to a Financial Times report. The report notes that the company’s gross margins are expected to be above 80% before accounting for revenue shared with distribution partners like Amazon.com Inc. (NASDAQ: AMZN) and the cost of training its models.
Anthropic’s revenue rose roughly 14-fold year over year in the second quarter to $11.5 billion. Annualized revenue reached $65 billion by the end of July, up from $9 billion at the end of last year. Investors are forecasting that Anthropic will end the year with $120 billion in annualized revenue and close 2027 with nearly triple that figure.
Amazon.com Inc. (NASDAQ: AMZN) serves as Anthropic’s primary training cloud and is the company’s largest cumulative investor, holding a stake of roughly $8 billion.
According to the Financial Times, rather than releasing its IPO prospectus publicly last week as expected, the company shared documents with a small group of investors first, fielding their questions before making the filing public.
