Whalesbook
Targeting a $380 Billion IPO
AI leader Anthropic is reportedly preparing for an initial public offering, potentially in late 2026. The company recently raised $30 billion in February 2026, valuing it at $380 billion. It's now talking with major banks like Goldman Sachs, JPMorgan Chase, and Morgan Stanley about managing the IPO. This valuation is more than double its September 2025 value of $183 billion. Banks expect the IPO to raise over $60 billion, which would make it one of history's biggest public debuts. This large sum is needed to fund Anthropic's aggressive growth and major investments, including building its own data centers in the U.S.
The AI Race and Rivalry with OpenAI
This IPO plan puts Anthropic directly against its main rival, OpenAI, which is also rumored to be planning its own public offering. OpenAI, valued at $850 billion, reported an estimated $13 billion in revenue for 2025. Anthropic's revenue was $14 billion in early 2026 and is projected to hit $18 billion by year-end. Anthropic highlights its focus on responsible AI and has secured deals with businesses in finance and healthcare. However, the fast-paced AI field requires constant innovation and huge spending on research, development, and computing. The overall tech IPO market is recovering in 2026, boosted by investor interest in AI. Still, economic issues like inflation and interest rates remain concerns.
Navigating Regulatory Hurdles
Anthropic's move towards a public listing comes after a recent issue where the Pentagon identified the company as a risk to the U.S. supply chain. A court order later blocked this ban. This situation shows the complex regulatory challenges AI firms face. In fact, 72% of S&P 500 companies now list AI as a significant risk, pointing to issues like damage to reputation, cybersecurity, and meeting legal and regulatory rules. New AI laws and global data privacy rules create long-term governance issues, potential lawsuits, and fines. These elements add complexity to Anthropic's IPO plans, as investors will closely watch how the company handles such widespread risks.
Concerns Over Valuation and Profitability
The high $380 billion valuation signals strong investor belief but also brings significant risks. Anthropic is not yet profitable, expecting positive cash flow in 2027 and profit in 2028. Its investment case relies on future profit growth, not current earnings. The enormous potential IPO size, possibly over $60 billion, poses major challenges in execution and could impact market liquidity. Intense competition from OpenAI, which has a higher valuation and similar growth, is a constant threat. The company's past dispute with the Pentagon also shows its sensitivity to government and international scrutiny, which could increase after becoming public. The lofty valuation means it's a high-priced stock, leaving little room for mistakes.
Outlook: Growth vs. Risk
Analysts are cautiously optimistic about Anthropic's IPO prospects. They recognize its fast growth and ambitious revenue goals but point out that profitability is still some way off and financial details are not fully clear. A successful listing for Anthropic, and potentially for OpenAI, could revitalize the IPO market and lead to more tech companies going public. Investors must balance the potential for high returns with major execution risks, the continuous race for AI infrastructure, and ongoing economic uncertainties. Anthropic aims for $18 billion in revenue in 2026 and $55 billion in 2027, showing an aggressive growth strategy. The key challenge after the IPO will be turning these projections into steady profits and value for shareholders.