Anthropic IPO Could Become Largest Ever After SpaceX’s Historic $85.7B Raise

Anthropic is preparing for a public listing that could match or surpass the largest IPO on record, setting up another test of investor appetite for high-growth artificial intelligence companies.

The Claude developer expects its offering to rival the $85.7 billion raised by SpaceX in June, according to people familiar with the matter cited by Bloomberg. A public filing could arrive as soon as the end of August, although Chief Financial Officer Krishna Rao has not disclosed a target valuation or fundraising figure.

SpaceX Sets an $85.7 Billion Benchmark

SpaceX initially raised $75 billion at $135 per share before underwriters exercised an option to purchase another 83.3 million shares, lifting gross proceeds to approximately $85.7 billion. The company confirmed the final amount when the offering closed on June 15.

That made the SpaceX offering far larger than previous landmark IPOs. Its debut also triggered sharp post-listing volatility, with SPCX stock later falling below its $135 offer price after initially surging.

Anthropic’s Revenue Growth Supports the Ambition

Anthropic enters the IPO process from an unusually strong private-market position. The company raised $65 billion in May at a $965 billion post-money valuation, with Altimeter, Dragoneer, Greenoaks and Sequoia among the lead investors. Anthropic said its annualized revenue run rate had already crossed $47 billion at the time.

By the end of July, that figure had climbed above $65 billion, up from roughly $9 billion at the end of 2025, according to Reuters.

The pace of growth helps explain why Anthropic is being discussed alongside the biggest technology listings rather than typical software IPOs. It also arrives as enthusiasm for AI stocks remains a major driver of U.S. equity markets.

Public Filing Would Replace Private-Market Guesswork

Anthropic’s IPO would also give investors their first detailed look at audited financial statements, margins, cash burn and infrastructure commitments.

That matters because private valuations and tokenized pre-IPO products provide only indirect signals. Some crypto platforms have created synthetic exposure to private AI companies, but these products do not give holders actual equity or voting rights.

The broader market has already shown that even record-setting debuts can face heavy volatility. SpaceX briefly pushed above a $2 trillion valuation before its shares reversed sharply, illustrating how difficult price discovery can be after heavily subscribed listings.