IPO Timeline Revised

Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest and complete the listing days before the U.S. midterm elections in November, people familiar with the matter said on Friday (Sept. 4). The artificial intelligence company had been expected to make its IPO prospectus public as early as next week, two of the people said, a crucial step that would kick off the final stages of the offering. Now that is not expected until late September, the people added, cautioning that the plans, including the timing, are subject to change.

Companies frequently adjust their IPO schedules as they work through market conditions, regulatory reviews and other preparations, so such changes are not unusual, according to the sources cited by multiple outlets.

Size and Market Context

The shift pushes back what some investors have said could be a $2 trillion listing, one of the largest IPOs ever attempted and a major test of public-market appetite for the rapidly growing artificial intelligence industry, as reported by the Australian Financial Review, CNBC TV18, The Japan Times, The Straits Times, The Hindu Business Line, The Star, The Times of India, and ua.news. The offering is expected to be one of the most closely anticipated IPOs ever, as investors look to public markets for exposure to the AI industry. It could come alongside potential listings from other AI companies, including OpenAI, according to several reports. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation, as noted by CoinGape and other sources.

Financial Preparations

As part of the IPO process, Anthropic is looking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one of the people said. Bloomberg News earlier reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave a few weeks between analyst meetings and making the IPO prospectus public, although Anthropic is expected to have a tighter window because analysts already know the company well, the person said.

Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. Goldman Sachs, Citi and JPMorgan declined to comment on the IPO, while Morgan Stanley did not immediately respond to a request for comment, as reported by ua.news. Anthropic declined to comment.

Regulatory and Political Backdrop

The Times of India reported that Anthropic's IPO preparations come after a major improvement in its relationship with the Trump administration, following months of friction over AI safety protocols and national defence boundaries. Commerce Secretary Howard Lutnick confirmed this week that the administration now trusts Anthropic, saying, "We trust Anthropic. They've done what we asked. They're back on the right side. So the answer is: Yes," marking a reversal from earlier tensions that resulted in sweeping export restrictions targeting Anthropic's most capable foundation models. Personal friction between senior officials and corporate leaders had added to the clashes and pushed Anthropic away from executive favour, according to the same report.

Outlook

Anthropic's potential valuation is being assessed not only on current performance but also on expected growth, with the company forecasting revenue of about $190 billion to $200 billion in 2028, according to The Times of India. The revised timeline leaves room for further adjustments as the company works through its preparations, with sources cautioning that plans could still change.