Anthropic Could Go Public in November at a Valuation of Up to $2 Trillion
How can I invest in Anthropic before its IPO?
Anthropic is still a private company, so until it lists, the only way to buy its shares is to purchase existing stock from current holders in a secondary transaction, and very little of that stock changes hands. When Anthropic ran an employee share sale in April 2026, buyers were unable to get as many shares as they wanted because staff chose to hold onto their shares, and access for individuals is generally limited to wholesale investors through secondary platforms or special purpose vehicles when holders do sell. Investors can also gain indirect exposure through listed backers such as Alphabet and Amazon, or wait for the IPO itself.
When is Anthropic expected to list?
Anthropic could begin marketing its shares to investors as early as the week of 9 November, with trading starting before the US Thanksgiving holiday on 26 November, according to Bloomberg reporting summarised by PYMNTS on 1 October. The same reports say the company is still considering its plans and that the timing could change.
The listing has been in preparation for several months. Anthropic confidentially filed its IPO paperwork with the US Securities and Exchange Commission on 1 June 2026, and Axios reported in September that the company still planned a 2026 listing, viewing public markets as its preferred route to raising further capital. That timetable would put Anthropic ahead of OpenAI, whose chief financial officer has said it will be a public company in 2027 or sooner.
How much is Anthropic worth?
Anthropic's most recent private valuation was US$965 billion, set when it raised US$65 billion in a Series H round announced on 28 May 2026 and led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. That was more than double the US$380 billion valuation from its Series G round in February, and prospective IPO investors are reported to be looking at a valuation of between US$1.8 trillion and US$2 trillion for the listing.
Large strategic backers sit behind those numbers. Google agreed in April 2026 to invest up to US$40 billion in the company, and Amazon has been a major investor since 2023, which means both companies' shareholders already carry some exposure to Anthropic's value.
The valuation rests on revenue that has been growing at an exceptional pace. Anthropic's annualised revenue run rate rose from about US$14 billion at the time of its February raise to US$47 billion by late May, and Anthropic told investors it had reached US$65 billion in July, with much of that growth coming from business customers.
That growth comes with very large costs. Bloomberg's reporting on the company's financials put Anthropic's 2025 revenue at about US$4.6 billion, up from US$386 million in 2024, alongside a net loss of almost US$42 billion for the year, and the company has committed to buying vast amounts of computing capacity, including a five-year agreement for Google's AI chips valued at around US$125 billion. Public investors will weigh the pace of revenue growth against the scale of that spending when they decide what the shares are worth.
What are the risks of buying Anthropic shares before the IPO?
The main risks are timing, price and the economics of the business. The reported November window could slip if market conditions change, the IPO could be priced differently from what private buyers paid, and a valuation of up to US$2 trillion assumes that revenue keeps climbing quickly enough to justify heavy losses and long-term computing commitments. Competition from OpenAI, Google and open-weight model developers adds further uncertainty, as does the evolving regulation of AI.
Buying through a private vehicle also carries practical constraints. Shares held through an SPV will be subject to any post-IPO lock-up, as SpaceX's staggered release showed earlier this year, and distributions of shares or cash depend on the SPV's documents.
NonPublic's guides to private company valuation and private market risks cover these issues in more detail.
NonPublic Pty Ltd (ABN 49 607 216 928) holds Australian Financial Services Licence #482668. Investments are available to wholesale and sophisticated investors as defined under the Corporations Act 2001. This content is general in nature and does not constitute financial product advice. It does not take into account your objectives, financial situation, or needs. Investing in private markets involves significant risk, including the potential loss of your entire investment. Past performance is not a reliable indicator of future results. You should obtain independent financial advice before making any investment decision.
