Anthropic Is Reportedly Gearing Up for an IPO This Year That Could Be Bigger Than SpaceX. 3 Things Investors Should Know.

Anthropic is preparing for an IPO targeted for September or October 2026, seeking to raise up to $100 billion at a $2 trillion valuation that would surpass SpaceX (SPCX) as the largest IPO on record. The Claude LLM maker reportedly doubled its Q2 revenue to $11.6 billion with positive adjusted operating income, and investors project annualized revenue could hit $120 billion by year-end.

The offering would mark the first pure-play large language model company to go public, providing the market's first detailed look at LLM unit economics and profitability metrics. Anthropic's disclosure requirements will reveal critical data on gross margins, customer acquisition costs, and compute infrastructure spending that have remained opaque across the AI sector.

Investor skepticism centers on Anthropic's claimed $30 trillion total addressable market and its competitive positioning against multiple alternative LLM providers. The company's ability to defend pricing power and market share amid rising competition will likely determine whether the $2 trillion valuation holds through the IPO process.