(Bloomberg) -- Anthropic PBC expects to match or beat the size of SpaceX's record-setting initial public offering, according to people familiar with the matter, as preparations for the artificial intelligence firm's debut pick up speed.
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The Claude developer is running the numbers as it prepares to file publicly for its potential mega-IPO as soon as the end of this month, the people said. Recent investor briefings led by Chief Financial Officer Krishna Rao skirted the question of valuation, they said.
Elon Musk's rocket and satellite firm raised $75 billion at the outset, making it the biggest first-time share sale ever, data compiled by Bloomberg show. The final figure increased to $86.2 billion with the so-called overallotment option, which is typically exercised if shares rise in early trading.
Discussions are ongoing and details of Anthropic's IPO including the size could change, the people said, asking not to be identified as the information isn't public. A representative for Anthropic couldn't immediately respond to requests for comment.
Anthropic's target reflects how the AI industry's leaders are transforming the tech investment landscape in a very short time. The five-year-old company raised $65 billion in May at a $965 billion valuation, surpassing rival OpenAI's valuation of $852 billion in March when the ChatGPT maker raised $122 billion.
Though Anthropic saw positive adjusted operating income for the second quarter, it had a net loss of almost $42 billion in 2025, a roughly five-fold increase from about $8.3 billion the year before, according to documents seen by Bloomberg News.
Demand for AI has been growing at speed, as a sharp increase in Anthropic's revenue shows. The company saw preliminary second quarter revenue of more than $11.5 billion, compared to $787 million in the corresponding period in 2025, and its run rate, a metric that projects full-year revenue from a shorter period, hit $65 billion by the end of July, Bloomberg News reported.
Very High Cost
Anthropic and its rivals are grappling with the very high cost of building more advanced AI systems, some of the people said. Training so-called frontier models requires huge amounts of computing power — in just one of its agreements with data center owners, Anthropic agreed to a deal with SpaceX for computing resources that could be worth tens of billions of dollars over the next three years.