Catenaa, Tuesday, September 15, 2026- Anthropic is moving forward with plans for an IPO on Nasdaq that could value the company at $2 trillion, with signs that the listing remains on track.
Nasdaq has been selected as the listing venue, and Nvidia is reportedly weighing a contribution of around $10 billion to the offering.
Bloomberg reports Anthropic’s annualized revenue at $65 billion, with the company’s margins underpinned by investor confidence in where AI capabilities are headed rather than by today’s cash generation.
The IPO comes as Anthropic chief executive officer Dario Amodei has published an essay calling on AI companies to manage the pace of frontier model development.
Amodei’s essay calls on firms “must slow the pace” of capability improvements, yet frames the goal as “a balanced rate” of progress, with the assurance that “progress will still seem fast,” Bloomberg notes.
When CFO Krishna Rao shared the piece on LinkedIn, his commentary centered on the themes of “pacing” and “common standards.”
Anthropic is preparing to tell IPO investors that its potential revenue opportunity exceeds $30 trillion, according to The Wall Street Journal.
The company more than doubled its revenue to $11.6 billion in the second quarter and could seek to raise as much as $100 billion in its offering, both figures that would surpass what SpaceX achieved when it went public in June at a $1.77 trillion valuation.
Investors have projected that Anthropic’s annualized revenue will reach between $100 billion and $120 billion before year’s end, representing more than tenfold growth from the $47 billion annualized revenue the company reported in May, according to the Financial Times as cited in earlier reporting.
Morgan Stanley, Goldman Sachs, and JPMorgan are leading the offering. The company filed paperwork with the Securities and Exchange Commission in June.
The road to a listing carries risks. Anthropic’s top model is priced more than 2.5 times higher than OpenAI’s flagship offering, while Chinese open-weight alternatives are available at a fraction of that cost, according to AI analysis firm Artificial Analysis.
Revenue growth slowed in June after the US Commerce Department imposed a temporary export control on Anthropic’s best models.
The company also remains in active litigation against the US Department of Defense, which designated Anthropic a supply-chain risk earlier this year.
Rival OpenAI has also filed a confidential S-1 with the SEC, targeting a potential IPO listing at an $852 billion valuation.
