Anthropic is now expected to start pitching its IPO to investors in mid-October at the earliest and to list its shares days before the US midterm elections in November, two people familiar with the plans told Reuters. The prospectus that had been expected in early September is not due until later in the month, and the people cautioned the timetable may shift again.
Filing the prospectus would open the final phase of the offering. Anthropic disclosed on June 1 that it had already lodged a draft S-1 with the SEC on a confidential basis. That leaves it in position to move once the agency wraps up its review, though the timing still hinges on how markets behave.
It is also working to finalize a $15 billion revolving credit line before it sits down with analysts, Reuters reported. Anthropic and the banks working on the offering declined to comment.
The argument for a price far above the last private round rests on growth. Annualized run-rate revenue climbed from roughly $9 billion as 2025 ended to more than $65 billion by late July, and the $965 billion round already valued Anthropic above OpenAI's $852 billion.
A debut priced near the $2 trillion some investors have put on the company would top the $1.77 trillion SpaceX listed at in June. It would also be the first significant test of whether the valuations set for AI companies in private markets hold once their shares change hands.
Anthropic has yet to publish an S-1 carrying audited accounts. Until it does, gross margins, cash flow, what its models cost to run and how much of the business rests on a handful of customers stay largely out of view.