Anthropic has pushed its IPO from early next week to mid‑October, with the prospectus slated for release in late September. The valuation target remains close to $2 trillion, a figure that would rank it among the largest public debuts in tech history. The deal is being structured by a syndicate that includes Morgan Stanley, Goldman Sachs, JPMorgan and Citi, all of whom are slated to lead the underwriting.
A key element of the package is a $15 billion revolving credit facility that Anthropic is finalising before analyst meetings. Bloomberg previously reported that the firm is negotiating to expand the facility to $15 billion, a move that would give it further liquidity ahead of the public offering.
Financial projections show a dramatic upside: the company is forecasting revenue of $190 billion to $200 billion by 2028, compared with a $47 billion run‑rate disclosed in May. Using enterprise‑value to revenue multiples, analysts are estimating a valuation that would place Anthropic at the upper end of the AI software sector’s valuation spectrum.
The timing of the IPO is also tied to a thaw in Washington, after the company secured a green light from Commerce Secretary Howard Lutnick to lift earlier export restrictions that had barred its most capable foundation models. The shift in policy may reduce regulatory uncertainty and improve investor sentiment.
With the prospectus due in late September and a potential listing just days before the November mid‑term elections, analysts are recalibrating pricing models and watching for any signals that could push the valuation higher. Investors will be keen to see whether the $15 billion credit facility and the new revenue outlook translate into a stronger market debut.