Anthropic is on track to raise up to $100 billion in a November IPO, at a valuation comparable to leading hyperscalers.

Anthropic is discussing an initial public offering that could raise up to $100 billion at a valuation of roughly $2 trillion, with Nvidia considering an investment of as much as $10 billion. While the terms remain under discussion and could change, the IPO is unlikely to occur before the U.S. midterm elections in November.

A $100 billion stock sale would exceed the roughly $86.25 billion in gross proceeds raised by SpaceX's IPO in June by about 16%. The size reflects the scale of Anthropic's capital needs.

Anthropic has committed to at least $518 billion in AI infrastructure spending over roughly the next decade. Commitments tied to hyperscalers Alphabet, Amazon, and Microsoft total about $252.5 billion and include minimum spending requirements regardless of usage. Another $161.2 billion relates to Broadcom-linked equipment leases that Anthropic has limited ability to cancel. These commitments total roughly $413.7 billion, meaning a $100 billion IPO would cover only about 24% of this largely fixed portion of the company's planned compute spending.

Anthropic does not appear to need the capital simply to cover current losses. The company reported a net loss of about $42 billion in 2025, but roughly $34 billion was attributed to accounting charges tied to financing instruments. Operating losses were much lower at about $8 billion. The company has reported positive adjusted operating income in the second quarter of 2026 based on preliminary figures shared with prospective investors.

The critical risk is that customer spending patterns could shift far faster than infrastructure costs can be reduced. In 2025, 82.6% of revenue came from usage-based spending, with just two clients accounting for 24% of total revenue. Most large customers lack long-term commitments. Yet roughly 80% of Anthropic's $518 billion infrastructure plan involves effectively fixed commitments—either non-cancelable or requiring payment regardless of usage. This creates asymmetry: customers can rapidly cut Claude usage while Anthropic faces minimal flexibility to reduce future compute bills.

The proposed $2 trillion valuation assumes strong growth. Anthropic's 2025 revenue was about $4.6 billion, but its annualized revenue run rate had climbed above $65 billion by July 2026. At this valuation, Anthropic would trade at roughly 31 times its July annualized run rate.

Going public would provide financial flexibility but would not reduce dependence on technology partners. Amazon and Google accounted for 47% of Anthropic's 2025 sales through their cloud marketplaces. Both are major investors in Anthropic, supply computing capacity to it, and compete with it in AI. Prospective public market investors should weigh these competitive and structural risks carefully.