Anthropic may achieve an initial public offering timeline significantly ahead of OpenAI's potential market debut.

Anthropic could reportedly begin marketing its initial public offering as early as the week of November 9 and potentially start trading before Thanksgiving. OpenAI has ruled out a 2026 IPO after CEO Sam Altman indicated it would prioritize artificial intelligence safety, with a listing not expected until 2027 at the earliest. This positions Anthropic to potentially reach Wall Street first—though OpenAI would need to remain private until roughly late November 2027 or later for the gap to exceed a year.

Anthropic has committed at least $518 billion to future cloud, computing, and infrastructure spending over multiple years, with roughly 80% of those obligations noncancelable or payable regardless of utilization. The company could reportedly raise up to $100 billion at a valuation approaching $2 trillion, yet that sum would cover only about 19% of its spending commitments. Broadcom could lend Anthropic up to $42 billion to help finance data center infrastructure, covering roughly one-third of its five-year $125.2 billion commitment to lease TPU computing capacity—which itself represents only about 8% of total commitments. The IPO appears likely to be just one of several funding sources Anthropic will need to tap.

Anthropic generated just under $4.6 billion of revenue in 2025, though revenue grew roughly 12-fold. Industry estimates suggest 2026 revenue could reach around $60 billion based on its growth trajectory. At a $2 trillion valuation, that implies roughly 33 times estimated 2026 sales. Anthropic reportedly projects $190 billion to $200 billion of revenue in 2028—meaning revenue would need to rise almost 3.25 times from the $60 billion estimate in just two years. Even at $195 billion, a $2 trillion valuation would equal roughly 10 times 2028 sales, implying significant growth is already reflected in the valuation.

While 83% of Anthropic's 2025 revenue came from usage-based consumption, about 80% of its infrastructure obligations are effectively locked in. Customers could cut their AI usage and bills much faster than Anthropic could reduce compute spending, presenting a structural risk. For Anthropic to justify its valuation, rapid top-line growth must translate into substantially stronger profits.

OpenAI, by contrast, closed a $122 billion private funding round in March at an $852 billion valuation and is reportedly seeking at least another $30 billion privately at a valuation around $1.4 trillion. This lets OpenAI continue raising capital without public markets, providing more flexibility on timing and avoiding the scrutiny that accompanies being public.

Anthropic appears positioned to become the first major public company attempting to demonstrate that cutting-edge AI developers can become highly profitable businesses. Investors will be watching closely to see whether it can convert rapid growth into impressive profitability.