Summary
- Anthropic may release its IPO prospectus as early as next week and begin trading in New York in late September or early October.
- Some market participants say Anthropic's listing valuation could exceed $2 trillion, making it the largest public listing on record.
- The IPO offering price and the stock's post-listing share price could become a future benchmark for valuing AI companies.
Forecast Trend Report by Period
Could debut on the New York Stock Exchange as early as late September
IPO to test investor appetite for AI
Anthropic, the developer of the generative artificial intelligence model Claude, plans to publicly file for an initial public offering as early as next week. The company is being discussed at a valuation of more than $2 trillion, with Morgan Stanley and Goldman Sachs poised to take leading roles on the deal.
The Financial Times reported on Sept. 4 that Morgan Stanley is the frontrunner to serve as lead underwriter for Anthropic's IPO. The bank has recently led discussions with potential investors on the offering price and valuation, the report said. The underwriting lineup has not been finalized and could still change.
Goldman Sachs is set to act as stabilization manager after the listing. In that role, it would buy and sell shares to manage supply and demand if the stock swings sharply in early trading. JPMorgan Chase, Citigroup and Barclays are also set to join the core underwriting group, building on their lending ties with Anthropic.
Anthropic plans to release its IPO prospectus as early as next week and begin a roadshow for institutional investors in late September. If the timetable holds, the shares could start trading in New York in late September or early October. The listing could still be delayed depending on market conditions and the timing of regulatory review.
Some market participants say Anthropic's valuation at listing could exceed $2 trillion. The company was valued at $965 billion in its May fundraising round. If it lists at that level, it could surpass SpaceX, which went public in June at a $1.78 trillion valuation, and become the largest listing on record.
Anthropic's growth has been rapid. In materials presented to shareholders last month, the company put annualized July revenue at $65 billion, up 38% from $47 billion in May. That was below the $80 billion some investors had hoped for, but it still pointed to continued expansion in the enterprise AI market.
This IPO is poised to serve as a gauge of investor appetite for AI companies. AI-related stocks have shown high volatility recently, while rival OpenAI has unveiled a new model and intensified competition for enterprise customers. OpenAI is also pursuing an IPO in early 2027, according to the report. Anthropic's offering price and post-listing share performance could become a benchmark for valuing AI companies.
Competition among Wall Street investment banks is also intensifying. The lead underwriter steers discussions on valuation and pricing and has authority over share allocations to hedge funds, institutional investors and sovereign wealth funds. Morgan Stanley and Goldman Sachs are also vying for the lead role on a future OpenAI IPO, the Financial Times reported.
