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Anthropic tees up SpaceX-sized IPO on the back of a $65B run rate

Claude-maker eyes end-of-August public filing with Citigroup joining Morgan Stanley, Goldman and JPMorgan on the deal.

By Ben Krauss · Daily desk lead ·

Anthropic is preparing an IPO that people familiar with the matter tell Bloomberg will match or exceed the $86.2 billion size of SpaceX’s record debut, with a public SEC filing targeted for as soon as the end of August. CNBC reports the confidential paperwork is already in.

The number doing the work here’s the run rate. Anthropic’s annualized revenue hit $65 billion at the end of July, up more than sevenfold from the end of last year, and preliminary Q2 revenue exceeded $11.5 billion against $787 million in the same quarter a year earlier. OpenAI, for reference, sits at roughly $40 billion annualized. A five-year-old company is being underwritten at a scale that used to require decades of enterprise footprint.

The underwriter roster tells its own story. Morgan Stanley, Goldman Sachs and JPMorgan were already on the deal; Citigroup is being added to the top tier, having participated last year in a $2.5 billion revolving credit line to Anthropic that’s now being sized up toward roughly $10 billion. Citi anchors Bloomberg’s 2026 US IPO league table off the back of SpaceX, and that’s not a coincidence, the same syndicate that priced the last generational listing is being retained to price the next one.

The losses are the counter-fact. Documents seen by Bloomberg put Anthropic’s 2025 net loss at nearly $42 billion, roughly five times the $8.3 billion it lost in 2024. Adjusted operating income turned positive in Q2. CFO Krishna Rao has, per Bloomberg, “skirted” valuation questions in recent investor briefings, with the last private mark set at $965 billion in May’s Series H.

The pitch to public markets rests on a single claim: that the number of tasks AI can reliably complete on its own is doubling about every four months. SpaceX priced at a $1.77 trillion valuation. That’s the number to beat.

Sources