Anthropic to File IPO Registration as Soon as Next Week, Eyes $2 Trillion Valuation

Could Debut on the New York Stock Exchange as Early as Late September

A Test of Investor Appetite for AI

Anthropic, the developer of the generative artificial intelligence model Claude, plans to make its initial public offering registration public as early as next week. The company is being discussed at a valuation of more than $2 trillion, and Morgan Stanley and Goldman Sachs are poised to play central roles in the deal.

The Financial Times reported on Sept. 4 that Morgan Stanley is the leading candidate to serve as lead underwriter on Anthropic’s IPO. The bank has recently led discussions with potential investors on the offering price and valuation, the report said. The underwriting lineup has not been finalized and could still change.

Goldman Sachs is expected to act as stabilization manager after the listing. The role involves buying and selling shares to steady trading if the stock swings sharply in the early days. JPMorgan Chase, Citigroup and Barclays also stand to join the core underwriting group, drawing on lending ties with Anthropic.

Anthropic plans to release its IPO prospectus as early as next week and begin a roadshow for institutional investors in late September. If the timetable holds, the shares could start trading in New York in late September or early October. The listing could still be delayed depending on market conditions and the regulatory review schedule.

Some investors expect Anthropic’s valuation at listing to exceed $2 trillion. The company was valued at $965 billion in a fundraising round in May. If it lists at that level, it could surpass SpaceX, which entered the stock market in June at a $1.78 trillion valuation, to become the largest listing on record.

Anthropic’s growth has been steep. The company told shareholders last month that its annualized revenue for July reached $65 billion, up 38% from $47 billion in May. That fell short of the $80 billion some investors had hoped for, but it still pointed to continued growth in the enterprise AI market.

This IPO is set to test investor appetite for AI companies. AI-related stocks have been volatile recently, and rival OpenAI has intensified competition for corporate customers after unveiling a new model. OpenAI is known to be pursuing an IPO in early next year. Anthropic’s offering price and post-listing share performance could become a benchmark for valuing AI companies.

Competition among Wall Street investment banks is also intensifying. The lead underwriter typically drives talks on valuation and pricing and has authority over share allocations to hedge funds, institutional investors and sovereign wealth funds. Morgan Stanley and Goldman Sachs are also pursuing the lead role on OpenAI’s IPO, the report said.