Anthropic Prepares for IPO With Potential Valuation Reaching $2 Trillion

Artificial intelligence firm Anthropic PBC is preparing for its initial public offering, with marketing expected to launch as early as November 9, 2026. Early discussions among investors suggest the debut could value the business between $1.5 trillion and $2 trillion. The company previously completed a $65 billion Series H funding round in May 2026, which valued the enterprise at $965 billion.

The upcoming listing highlights massive equity growth for early backers, including former Google CEO Eric Schmidt, who holds a near 1% stake in the company from a 2021 Series A investment when Anthropic was valued at $461 million. That position could be worth between $10 billion and $20 billion at public listing. Major strategic corporate investors include Amazon.com Inc. and Google parent Alphabet Inc., with Google holding roughly 14% of the equity. Anthropic generated $16.8 billion in revenue during the third quarter of 2026, representing sequential growth of 45% to 46%, while showing indicators of adjusted profitability.

Investors will monitor how public markets price the stock relative to private funding valuations. Key milestones include the start of marketing in early November, potential trading ahead of US Thanksgiving or before the end of the year, and the long-term positioning of large early shareholders after trading begins.