Anthropic is preparing to file its S-1 publicly as soon as the end of August, and people familiar with the matter tell Bloomberg News the company expects the offering to match or exceed the $75 billion that SpaceX raised at the outset of its June debut, the largest first-time share sale on record. Counting the overallotment, SpaceX ultimately pulled in $86.2 billion and closed at a post-listing market capitalization of $1.77 trillion. Anthropic, five years old, would like to top both numbers.

The prospectus itself has been sitting at the SEC since June 1, when Anthropic filed it confidentially. “This gives us the option to go public after the SEC completes its review,” the company said at the time, adding that “the proposed initial public offering will depend on market conditions and other factors.” Under SEC rules, the official prospectus must reach investors at least 15 days before a roadshow begins, which sets the mechanical clock on any autumn listing. The Financial Times has reported an October target at roughly a $2 trillion valuation, though people familiar with the discussions say no figure has been formally fixed inside the company. Krishna Rao, the chief financial officer, has skirted the question at recent investor briefings.

The comparison set is its own story. In May, Anthropic raised $65 billion in fresh capital at a $965 billion private valuation. OpenAI hit $852 billion in March. A $2 trillion public mark would roughly double the private book from three months ago, and price Claude’s maker above the peak private valuation of its closest rival.

The numbers underneath are moving fast enough to make the framing plausible. Internal documents reviewed by Bloomberg show preliminary second-quarter revenue exceeded $11.5 billion, against $787 million a year earlier. By late July the annualized run rate had reached $65 billion, and investors cited by the Financial Times expect $100 billion to $120 billion by year-end.

The losses are moving faster. Anthropic’s net loss was roughly $8.3 billion in 2024 and nearly $42 billion in 2025, a fivefold jump, and the company is separately arranging a revolving credit facility of about $10 billion. Chief executive Dario Amodei owns roughly 2 percent. Morgan Stanley, Goldman Sachs and JPMorgan Chase are working the deal; Citigroup is expected to be added.

There’s a familiar shape to all of this. The 2000 listings of the first internet giants also arrived with revenue curves that made the losses read as investment rather than leakage, right up until they didn’t. What’s different now is the underwriting syndicate treating a private AI lab, at five years old, as the natural heir to a rocket company’s record book.

Sources