Anthropic delays $2 trillion IPO to October on $15 billion credit line

The AI developer behind the Claude chatbot has pushed back the start of its IPO marketing to mid-October at the earliest, with the listing now expected to land just days before the November US midterm elections, as the company works to close a $15 billion revolving credit facility that gates the public filing of its prospectus.

Anthropic had been expected to publish its IPO prospectus as early as next week, but that disclosure is now unlikely before late September, according to people familiar with the matter. The credit facility must be finalized before analysts at the banks involved in the financing meet with company leadership — a step that normally precedes the prospectus release by several weeks. Because sell-side analysts already know the business well, the gap is expected to be shorter than usual, the people said.

Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup are among the banks working on the offering, with Morgan Stanley expected to take the lead-left mandate and Goldman slated as stabilization agent, according to people familiar with the discussions. The assignments have not been finalized. Barclays and Wells Fargo are also expected to carry weight in the $15 billion credit arrangement, while Bank of America, Deutsche Bank, Royal Bank of Canada and UBS are among other major participants. Lead banks are being asked to commit roughly $1.25 billion each, with the next tier at about $1 billion and lower participants at $750 million or less.

The revised timeline delays what some investors believe could be a $2 trillion listing — a valuation that would rank among the largest IPOs ever attempted and surpass SpaceX, which went public in June at $1.77 trillion and raised $86.2 billion including the overallotment option. SpaceX expanded its own revolving credit facility from $1.5 billion to $5 billion roughly a month before its prospectus became public, a template Anthropic appears to be following.

Revenue forecasts stretch to 2028

The potential valuation rests not on current performance alone but on projected growth. Anthropic is forecasting revenue of about $190 billion to $200 billion in 2028, compared with the $47 billion annualized run rate the company disclosed in May, according to two people familiar with its financials. The company is on track to exceed $65 billion in annualized revenue, a more than sevenfold increase from the end of last year. Bankers and investors are applying enterprise value-to-revenue multiples to the projected figures — a method more commonly used on current-year estimates, reflecting the difficulty of finding benchmarks for a company still pouring capital into AI infrastructure.

At a $2 trillion market capitalization, the implied price-to-sales ratio of roughly 30 times would place Anthropic among the six largest US companies by market value and alongside AI-adjacent names such as Palantir, Nebius and Astera Labs. Some shareholders expect a debut at $2 trillion or more, though the final valuation will depend on investor demand during the roadshow and market conditions at pricing.

A crowded AI listing calendar

The offering could coincide with potential listings from other AI companies, including OpenAI, whose own IPO is expected to draw competing bids from Morgan Stanley and Goldman Sachs as early as next year. US listings have raised $160.6 billion so far in 2026, excluding special purpose acquisition companies, the highest annual total since 2021, in part because JPMorgan topped the equity issuance rankings on the back of its SpaceX role.

Anthropic's relationship with the Trump administration has also thawed after months of friction over AI safety protocols and export restrictions. Commerce Secretary Howard Lutnick confirmed this week that the administration trusts the company. "We trust Anthropic. They've done what we asked. They're back on the right side," Lutnick told Axios.

The listing window before the November midterms carries political-market calendar risk, and people familiar with the process cautioned that market conditions, regulatory review and other preparations could still shift the timeline. A roadshow across multiple cities is being prepared for late September, and if that schedule holds, trading could begin in New York shortly after the prospectus filing, setting up a debut days before the elections.

This article is for informational purposes only and does not constitute investment advice.