Anthropic, the company behind the Claude AI assistant, is now targeting a mid-October initial public offering rather than a late-September debut. Forbes and Reuters reported that bankers could value the company at as much as $2 trillion, more than double its previous private valuation of $965 billion.

If completed at that level, the offering could become the largest IPO in history.

Anthropic’s IPO Timeline and Public Filing Plans

Anthropic confidentially submitted a draft registration statement to the Securities and Exchange Commission on June 1, 2026. The company is expected to make its prospectus public in late September, followed by a mid-October roadshow.

Forbes reported that a listing before the November midterm elections remains the working schedule.

The timing has shifted, but the planned offering remains tied to a notably large valuation target. A $2 trillion debut would exceed SpaceX’s $1.77 trillion June listing.

Morgan Stanley Leads a 17-Bank Underwriting Group

Morgan Stanley is leading the underwriting for the proposed Anthropic IPO. Goldman Sachs, JPMorgan, and Citigroup also hold prominent roles in a syndicate made up of 17 banks.

Anthropic is also finalizing a revolving credit facility of roughly $15 billion. Under the reported arrangement, the top-tier banks would each provide about $1.25 billion in balance-sheet exposure to secure underwriting positions.

The credit facility and the IPO preparations are unfolding at the same time, with Anthropic moving toward a potential public-market listing while arranging substantial standby financing.

Revenue Figures Supporting the Proposed Valuation

Anthropic’s annualized revenue run rate exceeded $65 billion in August, according to Bloomberg figures cited by Forbes. That figure was up from $47 billion earlier in the year.

The company also reported its first positive adjusted operating income. The material describes this as a milestone that no other frontier AI lab has reached.

Bankers are reportedly using Anthropic’s projected 2028 revenue of $190 billion to $200 billion as part of the case for the proposed $2 trillion IPO valuation.

Series H Financing and Existing Ownership Stakes

In May, Anthropic raised $65 billion in Series H financing at a $965 billion post-money valuation.

Amazon holds roughly 21% of the company, while Alphabet owns about 15%. The potential $2 trillion IPO valuation would place the company at more than twice the value assigned in its May financing round.

Anthropic’s Place in the Current AI IPO Wave

Anthropic’s planned listing comes during a period in which several AI companies are entering, or preparing to enter, public markets. SpaceX listed in June, and OpenAI is also preparing for a public offering.

Together, the three companies are targeting about $3.8 trillion in combined market capitalization.

Evercore ISI strategists have compared the current run of AI offerings with earlier technology booms. They warned that, even with strong sentiment, a high volume of large offerings could put pressure on existing AI stocks.

What the Delay and Credit Facility Suggest

The move from a late-September schedule to mid-October comes alongside Anthropic’s effort to secure its $15 billion credit facility.

Forbes characterized the financing arrangement as a sign that Anthropic is not approaching the public market because it needs immediate funding. The delayed timetable could give the company more room to pursue its planned valuation rather than accept a discounted price.