Anthropic’s Nasdaq IPO could rival SpaceX as Claude revenue races past $65B
Tech Funding News Abhinaya Prabhu
Anthropic picked Nasdaq for an IPO that could hit October. Its revenue is racing past $65B while banks eye a record-sized debut.
Based on reporting by Tech Funding News, Abhinaya Prabhu — read the original for the full story.
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Anthropic has chosen Nasdaq for its long-awaited public offering, according to Bloomberg, with a listing possible as soon as October. The company is said to be aiming for a raise that could match or top SpaceX’s $86.3 billion IPO in June, which would put Anthropic among the biggest debuts ever before pricing even starts.
The speed is striking. Anthropic closed a $30 billion Series G on February 12 at a $380 billion valuation, then three months later raised $65 billion in a Series H at $965 billion. Four days after that, on June 1, it filed a confidential draft S-1 with the SEC. By July, secondary-market trading implied a $1.2 trillion valuation, and banks are now reportedly considering a public price as high as $2 trillion.
What could justify that kind of number is the revenue curve. Bloomberg says Anthropic is on track for more than $65 billion in annualised revenue, more than seven times its run rate at the end of 2025. A lot of that appears to be coming from enterprise deals and Claude Code, as companies use Claude for software work and other multi-step jobs. But one key figure is still missing: gross margin. PitchBook’s Harrison Rolfes said that may be the number that decides how the IPO lands, and Anthropic still hasn’t disclosed it.
The growth has come with a heavy compute bill. Anthropic is finalising a $15 billion revolving credit facility, up from $2.5 billion a year earlier, with Morgan Stanley leading the process alongside Goldman Sachs, JPMorgan, and Citigroup. Amazon has invested $13 billion in total, including a $5 billion tranche in April tied to a $100 billion, decade-long AWS spending commitment. Google has committed up to $10 billion and opened access to as many as a million TPUs. Anthropic is also talking with Meta about leasing up to $10 billion in compute over two years.
A Nasdaq debut would join two other big exchange wins this year: SpaceX and SK Hynix. It would also land in a market where US listings have raised $160.6 billion in 2026 so far, excluding blank-check vehicles, the most since 2021. The timing is awkward, though. Anthropic’s push comes the same week its CEO, Dario Amodei, joined Sam Altman and Elon Musk in urging the AI industry to slow down.
My take — AI-written commentary, not fact-checked reporting
This is the kind of IPO that only makes sense in AI, where revenue can soar and nobody wants to ask too loudly what the margins look like. The market keeps rewarding the biggest number in the room, then acting surprised when the compute bill walks in behind it. A trillion-dollar private valuation with a missing gross margin is not caution; it’s theatre with spreadsheets.
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