Anthropic could be preparing for what would become the largest initial public offering on record. The Claude developer is reportedly seeking a valuation of around $2 trillion, although investor expectations have reportedly since shifted toward a range of $1.4 trillion to $1.5 trillion.
The company recorded revenue of $16.96 billion in the third quarter of 2026, representing a 1,127% increase from the same period a year earlier. However, growth compared with the previous quarter slowed to 47%, following increases of 132% and 144% in the first and second quarters, respectively, according to CNBC.
Anthropic also reported a quarterly loss of $23.29 billion. Its cumulative loss for the first nine months of 2026 reached $104 billion. The company said much of that figure resulted from revaluations of convertible bonds and derivatives, but it nevertheless recorded an operating loss of $567 million in the third quarter. In the previous quarter, it had reported an operating profit of $974 million.
Potential investors may also focus on Anthropic’s long-term spending commitments. The company disclosed nearly $895 billion in purchase obligations and lease agreements, largely linked to computing capacity and infrastructure expansion. Most of the planned spending is expected to occur over the next five years.
Anthropic also highlighted risks affecting its contracted computing capacity. Its partners could potentially fail to secure financing for purchases of AI chips, the company said. Concerns about debt-funded expansion across the AI industry, combined with a lack of clear evidence that revenues will match the scale of planned investment, have recently weighed on major technology stocks.
Anthropic has not yet disclosed a price range for the shares it may offer in the IPO. Even a valuation of $1.4 trillion to $1.5 trillion would exceed the $86.2 billion raised by SpaceX in what is currently regarded as the largest IPO.
Sources: t3n.