Anthropic expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom, Bloomberg reported.
The Claude developer is running the numbers as it prepares to file publicly for its potential mega-IPO as soon as the end of this month, the people said. Recent investor briefings led by Chief Financial Officer Krishna Rao skirted the question of valuation, they said.
Elon Musk’s rocket and satellite firm raised $75 billion at the outset, making it the biggest first-time share sale ever, data compiled by Bloomberg show. The final figure increased to $86.2 billion with the so-called overallotment option, which is typically exercised if shares rise in early trading.
Discussions are ongoing and details of Anthropic’s IPO including the size could change, the people said, asking not to be identified as the information isn’t public. A representative for Anthropic couldn’t immediately respond to requests for comment.
Anthropic’s target reflects how the AI industry’s leaders are transforming the tech investment landscape. The five-year-old company raised $65 billion in May at a $965 billion valuation, surpassing rival OpenAI’s valuation of $852 billion in March when the ChatGPT maker raised $122 billion.
Though Anthropic saw positive adjusted operating income for the second quarter, it had a net loss of almost $42 billion in 2025, a roughly fivefold increase from about $8.3 billion the year before, according to documents seen by Bloomberg News.
Demand for AI has been growing at speed, as a sharp increase in Anthropic’s revenue shows. The company saw preliminary second quarter revenue of more than $11.5 billion, compared to $787 million in the corresponding period in 2025, and its run rate, a metric that projects full-year revenue from a shorter period, hit $65 billion by the end of July, Bloomberg News reported.