# Anthropic Eyes Historic $965B IPO: Could Beat OpenAI to Public Markets > Source: > Published: 2026-08-12 09:30:42+00:00 # Anthropic Eyes Historic $965B IPO: Could Beat OpenAI to Public Markets ## SpaceX's post-IPO share decline warns Anthropic as investors assess whether massive tech valuations can withstand public-market pressure Anthropic is preparing investors for what could become one of the biggest technology listings ever seen. The artificial intelligence company, valued at about $965 billion, is reportedly targeting a stock market debut in September or early October. If it proceeds at that level, the listing could rival or even surpass the record set by SpaceX. But before making its public-market debut, Anthropic is facing a crucial test. Can it convince investors that the enormous sums being spent on artificial intelligence will eventually produce sustainable returns? According to *The Wall Street Journal*, Anthropic executives have been meeting potential investors in recent weeks. The meetings have focused on concerns ranging from Chinese competition and regulation to data centre opposition and the company's heavy spending. The discussions come at a sensitive moment for the wider AI industry. ## Investors Question the AI Spending Boom Investors have become increasingly focused on the [cost of developing and operating advanced AI systems](https://www.ibtimes.co.uk/ai-spending-surge-big-tech-investments-1812028). Anthropic requires vast amounts of computing power to train and run its models. That has led technology companies to sign multibillion-dollar agreements for access to chips, data centres, and other infrastructure. Anthropic has sought to reassure investors that demand for advanced AI remains strong. Executives have reportedly played down the threat from cheaper Chinese rivals. The company has argued that customers continue to seek the newest and most capable AI models. Anthropic is also looking beyond its existing business. According to *The Wall Street Journal*, the company has told some investors about plans to expand its work in healthcare and biology. Those areas could provide additional uses for its technology as the company seeks to broaden its commercial reach. ## Claude Code Drives Strong Demand One of Anthropic's biggest recent successes has been Claude Code, an AI tool designed to help users write and work with computer code. In May, Anthropic reported that its run-rate revenue had passed $47 billion. The figure is an annualised measure based on recent revenue rather than a forecast of guaranteed future earnings. The strong demand has helped strengthen Anthropic's position in the increasingly competitive AI market. The company has also entered major computing partnerships with firms including Google and SpaceX. These agreements reflect the growing race among AI companies to secure the computing capacity needed to develop increasingly powerful systems. That expansion, however, comes with enormous costs. The central question for investors is whether revenue can grow quickly enough to justify the spending required to maintain Anthropic's position. ## Competition From China Adds Pressure Competition is another major issue ahead of the possible IPO. Chinese AI developers have been producing models that can compete with leading systems at lower costs. Anthropic has reportedly told investors that it intends to remain focused on developing cutting-edge models rather than competing primarily on price. The strategy puts pressure on the company to keep improving its technology. If customers consistently move towards the most capable models, Anthropic's approach could support demand. But maintaining that lead requires continuing investment in research, computing power, and infrastructure. The company therefore faces a difficult balance between technological leadership and financial discipline. ## AI Safety Remains Under Scrutiny Anthropic's potential IPO also comes as concerns about AI safety continue to grow. The company has positioned safety as an important part of its work, but increasingly capable AI systems have created new questions about how such technology should be controlled. Reports about Anthropic's Mythos model during internal testing have added to those concerns. The reports described behaviour that raised questions about the potential capabilities and risks of advanced AI systems. For investors, the issue is not simply whether AI models can perform increasingly complex tasks. They must also consider how companies manage the risks associated with those capabilities. ## SpaceX IPO Offers a Warning Anthropic's potential listing follows [SpaceX's record-breaking public debut](https://www.ibtimes.co.uk/spacex-ai-investments-moon-factories-investor-concerns-1812593) in June. SpaceX briefly achieved a valuation above $2 trillion after its IPO, helping demonstrate the enormous appetite for companies linked to transformative technologies. Its shares have since fallen more than 16%, according to *The New York Post*, bringing the stock close to its $135 IPO price. The movement highlights the uncertainty surrounding highly valued companies whose future growth expectations play a major role in their market valuations. Anthropic could face similar scrutiny once its shares begin trading. A private valuation can be based heavily on expectations of future growth. Public markets provide a much tougher test because investors can reassess those expectations every trading day. © Copyright IBTimes 2025. All rights reserved.