Anthropic has reportedly pushed its IPO prospectus to late September and its investor roadshow to mid-October, while some investors have placed the potential listing valuation as high as $2 trillion.
Summary
- Anthropic’s IPO roadshow could begin in mid-October, later than previously expected.
- The company’s public prospectus is now expected in late September.
- Anthropic is working to finalize a $15 billion revolving credit facility.
- Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are assisting with the offering.
Anthropic IPO timetable moves closer to US elections
Reuters reported on Friday that Anthropic could start marketing its initial public offering in mid-October at the earliest, citing people familiar with the preparations. The company could complete the listing days before the U.S. midterm elections in November, although the sources cautioned that the timetable remains subject to change.
Under an earlier schedule, Anthropic was expected to publish its prospectus as soon as the week beginning Sept. 7. Two people familiar with the matter told Reuters that the document is now unlikely to become public until late September.
Publishing the prospectus would move the offering into its final stages by giving investors access to the company’s financial performance, risk factors, management information and proposed IPO terms. The filing would also provide firmer figures than the estimates circulating in private-share and tokenized pre-IPO markets.
According to Reuters, some investors believe the listing could value Anthropic at as much as $2 trillion. A transaction at that level would rank among the largest IPOs attempted, though Anthropic has not publicly confirmed a valuation, share count, offering size, or final listing date.
The revised schedule follows an August report that placed the prospectus release shortly after Labor Day, with a listing expected in late September or early October. Companies often alter IPO calendars while responding to market conditions, regulatory reviews, and other preparations, Reuters noted.
A $15 billion credit facility precedes the filing
As part of its preparations, Anthropic is working to finalize a $15 billion revolving credit facility. Analysts from banks participating in the financing are expected to meet company representatives after the facility is completed, according to one Reuters source.
Companies commonly leave several weeks between analyst meetings and the release of an IPO prospectus. Anthropic could use a shorter interval because analysts already have extensive knowledge of its business, the source said.
Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup are among the banks working on the offering. Each bank declined to comment to Reuters about its role.
The credit facility would give Anthropic access to borrowed funds when needed rather than transferring the entire amount at once. Reuters did not disclose the facility’s interest rate, participating lenders, maturity, or other terms, while Bloomberg had previously reported that the company was discussing an expansion of the credit line to $15 billion.
Anthropic’s capital requirements have risen alongside its spending on computing infrastructure. In July, the company proposed leasing up to $10 billion of computing capacity from Meta Platforms over two years, according to earlier coverage of the talks. The reported arrangement was tied to Meta’s Prometheus data center in Ohio and formed part of Anthropic’s work to obtain enough processing capacity for its Claude models.
Separate infrastructure commitments have added to the company’s future expenses. Reuters reported in August that Anthropic signed a $35 billion cloud computing agreement with Nvidia-backed Lambda for capacity at a Texas data center. Another six-year agreement would provide $45 billion of computing capacity through Nscale’s West Virginia campus.
Private markets have priced Anthropic above $1 trillion
Expectations surrounding the IPO have built on a steep increase in Anthropic’s private valuation. The company completed a Series G financing in February at a $380 billion post-money valuation, led by GIC and Coatue, according to on-chain valuation data reviewed by crypto.news in May.
By early May, tokenized pre-IPO trading on Jupiter’s Prestocks platform implied a value of about $1.2 trillion. Forge Global shares reportedly priced the company near $1 trillion, while OpenAI traded closer to an implied $880 billion valuation on the same private-share platform.
Private and tokenized markets do not establish the price Anthropic would receive in an IPO. Limited liquidity, special-purpose-vehicle structures, transfer restrictions, and small transaction sizes can produce valuations that differ from the price public investors accept for a full offering.
Anthropic announced another financing in May at a $965 billion post-money valuation and said its annualized revenue had exceeded $47 billion before the round. A recent report on seized shares also noted that secondary-market estimates later placed the company as high as $1.5 trillion, but limited private-share transactions may not represent the value available for the entire business.
Trading in crypto-linked products has shown similar uncertainty. Anthropic pre-IPO perpetual futures fell as much as 9% after their June debut on Coinbase and Binance, according to pre-IPO futures data. Coinbase warned that the company’s final IPO price could differ by as much as 25% from the futures level when the listing occurs.
Unlike common stock, the perpetual contracts do not provide ownership in Anthropic. Their prices track market expectations for a future reference value, leaving traders exposed to changes in IPO timing, valuation, and contract settlement rules.
US investors await Anthropic’s public disclosures
For U.S. investors, the prospectus will provide the first public set of detailed disclosures tied directly to Anthropic’s offering. The company confidentially filed for a U.S. listing earlier in 2026, allowing the Securities and Exchange Commission to review its registration documents before their expected public release.
According to an Investor.gov IPO bulletin, a company generally registers an offering with the SEC through a Form S-1. Its prospectus describes the business, financial position, management, proposed use of proceeds, risks and offering terms that investors can review before deciding whether to participate.
The preliminary document may not contain the final share price or every completed term. Investor.gov states that issuers generally file a final prospectus after the registration statement becomes effective, with the final document usually containing pricing information unavailable in the preliminary version.
Anthropic’s proposed timing places the investor roadshow shortly before the Nov. 3 U.S. midterm elections. Reuters did not report that the election calendar had caused the delay, and its sources said the IPO schedule could change again.
OpenAI may also enter the U.S. market during the same period. The ChatGPT developer confidentially filed for an IPO in June without disclosing the proposed size or terms. Reports at the time placed its possible valuation at up to $1 trillion, while OpenAI had previously disclosed more than 900 million weekly ChatGPT users and $2 billion in monthly revenue.
