Anthropic, the company behind the Claude AI assistant, is lining up what bankers describe as the biggest initial public offering on record. They have told potential investors the firm could raise more than $100 billion, backed by an enterprise value heading toward $2 trillion.

The company is set to release its IPO prospectus shortly after the Labor Day holiday on September 7. A Wall Street listing could follow between late September and early October. Morgan Stanley, JPMorgan, Citigroup, and Goldman Sachs are handling the placement.

Scale That Would Top the SpaceX Record

If the offering hits the levels bankers are discussing, it would clear the $86.2 billion SpaceX IPO completed earlier this year. Anthropic submitted a confidential draft registration statement to the Securities and Exchange Commission on June 1.

Its valuation has climbed fast. A Series G round in February left the company at a $380 billion post-money valuation. A $65 billion Series H raise in late May pushed that figure to $965 billion. By mid-August, six investors told the Financial Times the listing itself could reach $2 trillion.

Revenue Growth Behind the Numbers

The financial case rests on rapid revenue expansion. Anthropic’s annualized revenue run-rate passed $65 billion by the end of July. That compares with roughly $9 billion at the close of 2025. The company is projecting $190 billion to $200 billion in revenue for 2028. Bankers and investors are measuring those forecasts against companies such as Palantir, Cloudflare, and SpaceX.

Pressure on the Fall Listing Calendar

The size of the planned deal is already forcing other companies preparing U.S. listings to adjust their schedules. Bloomberg reported that several firms are looking for windows that can still draw attention once Anthropic’s offering is in the market.

Anthropic is also weighing options that would let current shareholders sell some of their stakes in the IPO. New investors would face lock-up periods longer than the usual 180 days.

Governance Arrangements

Governance remains a focal point. The company is preparing a new class of shares that would give co-founders Dario and Daniela Amodei enhanced voting rights. Its Long-Term Benefit Trust, an independent body with authority to appoint board members, is expected to stay central to the structure. Former Federal Reserve Chair Ben Bernanke joined the trust in July.

Pentagon Dispute and Major Customer Ties

The IPO process is moving forward while legal questions with the Pentagon continue. On August 27 a federal judge ruled in Anthropic’s favor, deciding that a Pentagon designation of the company as a supply-chain risk was unlawful. A second case is still pending in Washington.

Meta has become one of Anthropic’s largest customers. At one point the social-media company projected internal spending of as much as $10 billion a year on Anthropic’s models.

Investor Tomasz Tunguz of Theory Ventures described the competitive pressure around the offering this way: “It’s like watching dueling generals compete on the battlefield. Everybody’s gunning to try and destabilize that I.P.O.”