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Anthropic is considering launching its initial public offering as soon as mid-November, potentially putting the artificial intelligence model maker on track to begin trading before the Thanksgiving holiday, Bloomberg News reported, citing people familiar with the matter.
The company behind Claude could begin formal marketing for the IPO as early as the week of Nov. 9, the people said.
Anthropic is still expected to go public no later than the end of the year, although deliberations are ongoing and the timeline could change.
Anthropic considers November IPO
Anthropic had previously been expected to file publicly for an IPO after the summer.
The potential November timeline would place its offering among a broader market for new listings that has faced several delays and postponements.
The company is also entering the public markets amid intensifying competition from OpenAI, which has gained sales momentum in recent months.
Anthropic CEO Dario Amodei has argued that the pace of advances in AI models should slow, publishing an essay on his personal website focused on the need to “pace the frontier.”
OpenAI has also postponed its IPO plans. CEO Sam Altman recently argued that taking the company public now would be ill-advised.
Despite concerns surrounding competition and AI safety, prospective investors are said to view Anthropic at a valuation of between $1.8 trillion and $2 trillion.
The company is also expected to match or exceed the size of SpaceX’s IPO, according to previous Bloomberg News reporting.
Anthropic’s financial losses rise
Anthropic reported a net loss of almost $42 billion in 2025, up roughly fivefold from about $8.3 billion a year earlier, according to documents previously reported by Bloomberg News.
Revenue increased sharply during the same period, reaching about $4.6 billion in 2025 from $386 million in 2024. However, the company’s operating loss expanded to more than $8 billion.
More than $34 billion of Anthropic’s 2025 net loss came from a change in the fair value of its liabilities, according to the documents.
The potential IPO comes as investors assess a wider market for new listings.
Oura recently became the third company in several weeks to postpone its debut shortly before a planned share sale.
Other companies have also seen their IPO timelines slip as the performance of newly listed stocks weakened.
Excluding SpaceX and SK Hynix, the weighted-average return for more than 100 newly listed stocks is a loss of 4% this year, according to Bloomberg data.
That compares with a 12% gain for the S&P 500 and a 20% rise for the Nasdaq 100.
Broadcom plays key role in AI buildout
Anthropic’s IPO filing also highlights the company’s extensive infrastructure relationships with major technology firms, including Broadcom, Amazon and other partners.
Broadcom has a particularly broad relationship with Anthropic, spanning compute supply, equipment leasing and financing.
Reuters reported that Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure spending.
The arrangement could make Anthropic Broadcom’s largest customer in its chip design business next year.
It also highlights the reciprocal spending relationships between AI companies and infrastructure providers that have drawn scrutiny from some investors.
Under the financing arrangement, Broadcom could designate a financing partner, while the debt instruments could potentially be converted into Anthropic shares.
Anthropic said in its filing that it does not expect any notes to be sold before completing its IPO.
The convertible note could finance about a third of Anthropic’s $125.2 billion commitment for a five-year lease of TPU computing capacity, according to Reuters.
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