Anthropic's investment bankers have begun pitching a blockbuster initial public offering that could raise more than $100 billion and value the Claude maker at approximately $2 trillion, according to people familiar with the discussions reported by The New York Times.

The talks mark the latest escalation in what is shaping up to be one of the most anticipated technology listings in history. A $2 trillion valuation would exceed the peak valuation attached to SpaceX's own public offering and position Anthropic as the highest-valued pure-play AI company on public markets from day one.

Bankers from Morgan Stanley, Goldman Sachs and JPMorgan, with Citigroup reportedly joining the syndicate, have been meeting potential investors in recent days. The company is preparing to convert its confidential S-1 filing into a public registration as soon as the end of August, sources said, keeping an autumn listing window intact.

The numbers reflect Anthropic's extraordinary revenue trajectory. Preliminary second-quarter 2026 revenue surpassed $11.5 billion, more than fourteen times the $787 million recorded in the same period a year earlier. Annualized revenue run rate reached roughly $65 billion by the end of July, up from about $47 billion in May.

Investors close to the company have previously projected that the run rate could climb to $100 billion–$120 billion by year-end. Some internal forecasts cited in earlier reporting have pointed toward $190 billion–$200 billion in revenue by 2028 as the foundation for the lofty public valuation.

That growth has come with heavy losses. Anthropic recorded a net loss of nearly $42 billion in 2025, roughly five times the prior year's figure, though adjusted operating income turned positive in the second quarter of 2026. The company continues to spend aggressively on compute capacity across multiple providers, including Amazon, Google, SpaceX and AMD.

The IPO timing would put Anthropic ahead of OpenAI, which is now widely expected to list in 2027. Both companies filed confidentially with the Securities and Exchange Commission earlier this year. Anthropic closed a $65 billion Series H round in May at a $965 billion post-money valuation, briefly overtaking OpenAI as the most valuable AI startup.

Governance preparations are also underway. Reports indicate Anthropic is considering a multi-class share structure that would grant CEO Dario Amodei and co-founders enhanced voting rights, a move designed to protect strategic control after the listing.

The offering would test public-market appetite for frontier AI companies at unprecedented scale. SpaceX raised approximately $75 billion (later expanded with overallotment) in its own record-setting debut. Anthropic's bankers are signaling that demand for a pure AI platform play could support an even larger raise.

Enterprise demand for Claude models, particularly in coding and agentic workflows, has been a primary driver. Claude Code and related developer tools have contributed meaningfully to the revenue mix, with enterprise API usage accounting for the large majority of sales.

Market observers note that the $2 trillion figure remains aspirational until the company publishes audited financials and begins formal roadshows. Secondary-market trading in Anthropic shares has already priced the company well above its last private mark, reflecting strong private-market conviction.

For the broader AI sector, a successful Anthropic listing would establish a public benchmark for model companies and could influence capital allocation across chips, infrastructure and application layers. It would also intensify the competitive narrative with OpenAI, Google DeepMind and leading Chinese labs.

Anthropic has not publicly confirmed the exact size or valuation targets. The company has stated that any offering remains subject to market conditions and other factors. Final details will emerge only with the public S-1 and subsequent pricing discussions.

As the filing window approaches, attention will focus on disclosed compute commitments, margin trajectory, customer concentration and the durability of Anthropic's growth rate once the company operates under quarterly public scrutiny.