Anthropic is preparing for a mega-IPO in September or October; however, investor meetings reveal skepticism over Chinese AI competitors and political headwinds.

Anthropic is targeting a September or early October IPO and is already meeting with potential investors. According to the Wall Street Journal, the company—currently valued at $965 billion—is presenting its growth trajectory and strategies for countering mounting public backlash against AI, though it has not yet shared pricing expectations or a final timeline.

During preliminary investor meetings over recent weeks, concerns have centered on three major topics: the rising competitiveness of cheaper Chinese AI systems, tensions with the Trump administration, and domestic opposition to US data center construction. Investors are pressing leadership on a single underlying question: what does this mean for growth?

Anthropic has downplayed Chinese competition, emphasizing its focus on cutting-edge models. CEO Dario Amodei and other senior executives have publicly argued that most users prioritize the smartest available system, and that Chinese models typically trail Western frontier systems by at least several months. That position is increasingly difficult to defend. With releases like Kimi K3 and Qwen 3.8, Chinese models have closed much of the gap with Western leaders. The six-to-eight-month advantage that executives once claimed appears far smaller across many benchmarks. For a company whose valuation depends on technological superiority, this represents a genuine challenge.

To counter negative sentiment around AI more broadly, Anthropic plans to deepen its focus on health and biology applications.

The IPO's pricing and performance will shape how investors value leading AI developers going forward. Trillions in anticipated AI spending—primarily on computing infrastructure—rest on the assumption of continued steep growth in demand. SpaceX offers a cautionary precedent: the company surpassed a $2 trillion valuation following its IPO but surrendered substantial gains after the initial spike. Some bullish analysts project Anthropic could exceed that valuation.

Anthropic strengthened its competitive position earlier this year through Claude Code, its coding assistant. In May, the company reported annualized revenue exceeding $47 billion. Usage metrics continue to show robust demand, though the service has experienced repeated outages this year. Recently, Anthropic closed new compute contracts with SpaceX and Google. OpenAI, its primary competitor, is expected to pursue its own IPO, possibly not before next year.