Anthropic pursues October Nasdaq IPO with reported $2 trillion valuation, potentially largest in history.

Investors in Anthropic are targeting a valuation of $2 trillion or more for an October 2026 IPO, according to reporting from Quartz on August 13, 2026. If realized, the listing would surpass SpaceX's $1.77 trillion offering in June 2026 as the largest initial public offering in history.

Anthropic has already filed a confidential draft registration statement with the U.S. Securities and Exchange Commission, as Fortune reported on June 1, 2026. The company has not disclosed a ticker symbol, exchange, or roadshow date. Any timing and valuation cited here reflects investor expectations, not official company guidance.

Anthropic's most recent private valuation reached $965 billion when the company closed a $65 billion Series H round in May 2026. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with participation from Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, and Fidelity Management and Research.

A $2 trillion IPO valuation would represent roughly a 2.1x step-up from the Series H price in approximately five months. Investors appear willing to underwrite that premium based on explosive revenue growth: Anthropic announced annualized revenue of $47 billion in May 2026, with expectations for a 130% surge that would deliver operating profitability for the first time. More recent projections suggest annualized revenue of $100 billion to $120 billion before year-end 2026—more than a tenfold increase from May.

Both Anthropic and OpenAI are moving toward public listings. OpenAI filed its own confidential S-1 with the SEC on June 8, 2026, at an $852 billion valuation from a $122 billion equity round in March 2026. As of August 16, 2026, OpenAI has not announced an exchange, ticker, or pricing timeline.

An Anthropic IPO in October would put the Claude maker on the public markets before OpenAI, potentially influencing the pace and pricing of both listings. Technology IPOs often experience demand spillover or fatigue depending on spacing; a successful Anthropic debut could warm sentiment for OpenAI's eventual offering or absorb capital that might otherwise flow to OpenAI.

While Anthropic remains private, accredited investors can access existing shares through secondary-market platforms including Forge Global, EquityZen, and Hiive. Secondary-market pricing typically converges toward the expected IPO price as a listing approaches. Pre-IPO shares carry meaningful illiquidity risk: if a listing is delayed or the IPO valuation differs from secondary-market pricing, buyers may face losses or extended holding periods without a clear exit.

Key signals to watch: the filing of a public registration statement (typically four to six weeks before pricing), audited financial disclosures and the profitability timeline, exchange selection, and any OpenAI filing moves that could alter Anthropic's preferred window.