Anthropic is accelerating plans for what could become the largest initial public offering in history, preparing to file public IPO paperwork as early as the end of August 2026 and aiming to match or exceed the roughly $75 billion raised by SpaceX earlier this year.

According to people familiar with the matter cited by Bloomberg, the Claude developer is running final numbers for a public filing that would give investors their first detailed look at the company’s financials. The move positions Anthropic to list potentially in October, ahead of rival OpenAI, which is now eyeing a 2027 debut.

Investors and backers have floated valuations of $2 trillion or more for the offering. That figure would more than double Anthropic’s most recent private valuation of $965 billion from a $65 billion funding round in May and eclipse SpaceX’s post-IPO market value at the time of its listing.

The ambition rests on extraordinary revenue growth. Preliminary second-quarter 2026 revenue exceeded $11.5 billion, more than 14 times the $787 million recorded in the same period a year earlier and more than double the $4.73 billion reported in the first quarter. By the end of July the company’s annualized revenue run rate had surpassed $65 billion, up more than sevenfold from roughly $9 billion at the close of 2025.

Backers expect the run rate to reach between $100 billion and $120 billion by the end of 2026. Some internal projections cited in reporting point to $190 billion to $200 billion in revenue by 2028. The bulk of growth is attributed to enterprise adoption of Claude models and especially Claude Code, which has become a major driver of API and enterprise revenue.

Anthropic also reported positive adjusted operating income in the second quarter, a milestone among frontier AI labs that have long been characterized by heavy compute spending and large losses. The company recorded a net loss of nearly $42 billion in 2025, roughly five times the previous year’s figure, underscoring the capital intensity of the sector even as top-line growth accelerates.

Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the underwriting, with other banks potentially joining. Anthropic is also finalizing a revolving credit facility expected to exceed a $10 billion target. The company has discussed the possibility of dual-class or super-voting shares that would allow CEO Dario Amodei and co-founders to retain greater control.

The timing reflects both opportunity and competitive pressure. Anthropic’s valuation briefly overtook OpenAI’s in private markets earlier in 2026. Chinese models and aggressive pricing from competitors have intensified the race for enterprise customers and developer mindshare. At the same time, public markets have shown appetite for large technology and AI-related listings, though some investors have grown more cautious about the sustainability of AI capital expenditures and valuations.

A successful offering at the scale contemplated would test demand for AI pure-plays and set a benchmark for other frontier labs. It would also provide liquidity for early investors who have poured nearly $100 billion into Anthropic in 2026 alone, including major commitments from Amazon and a chip-related deal with AMD.

Anthropic has declined to comment publicly while in the quiet period following its confidential SEC filing in June. The public S-1, when released, is expected to detail revenue composition, customer concentration, compute commitments, and governance structure. Until then, the combination of rapid revenue scaling, a first profitable quarter on an adjusted basis, and explicit plans to match SpaceX’s record raise has made the company’s IPO one of the most closely watched events in technology markets this year.

What happens next depends on market conditions, the final prospectus numbers, and investor appetite for AI exposure at multi-trillion-dollar valuations. If the filing proceeds on the current timeline, Anthropic could become the first major frontier AI company to trade publicly, forcing a real-time recalibration of how the market prices the entire sector.