Anthropic IPO Reportedly Chooses Nasdaq, Eyes October Listing

The $100 billion figure usually only appears in giant energy merger deals or national infrastructure projects. Now, that number is attached to the fundraising plan of Anthropic, the company behind the Claude chatbot, which is preparing to go public. 

The latest news says Anthropic has chosen Nasdaq as the venue for its IPO, targeting a timeframe as early as October 2026. This news was first revealed by Business Insider and then re-confirmed by sources cited by Reuters. 

However, it should be underlined that both Anthropic and Nasdaq have so far chosen to remain silent. There has been no official statement confirming the exchange decision, let alone the share price, the number of shares released, or the exact listing date.

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Anthropic Officially Files Draft S-1, Eyes Momentum Before the Election

Illustration: Generated Image

The process toward this IPO has actually been underway since early June 2026. At that time, Anthropic announced it had confidentially filed an S-1 document with the Securities and Exchange Commission (SEC) in the United States. This confidential filing gives Anthropic the option to proceed with the IPO process after the regulator completes its review of the documents.

The company itself emphasized that market conditions will determine whether this share offering actually materializes. 

The number of shares and price range have not yet been determined to date. This confidential S-1 document differs from the public prospectus, which contains audited financial statements, risk factors, ownership structure, and complete offering terms — and that public document has not yet been released.

Reuters estimates the investor roadshow will begin in mid-October at the earliest. The same source says the listing process will likely be completed shortly before the November midterm elections, although this schedule could still shift. 

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The public prospectus itself is expected to be published in late September, meaning investors have only a narrow window to study the document before share marketing begins.

The choice of Nasdaq also has its own symbolic meaning. This exchange previously hosted SpaceX's debut in 2026, while the New York Stock Exchange (NYSE) continues to compete for the listings of other giant companies. 

Nasdaq and NYSE indeed have different mechanisms for determining the opening price on the first trading day, a detail that could have a big impact considering demand for Anthropic shares is expected to be very high.

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Valuation of Rp32,000 Trillion and Nvidia's Shadow Behind the Scenes

The most striking part of this news is certainly about the numbers. Reuters reports Anthropic is targeting fresh funds of up to $100 billion with a valuation touching $2 trillion — equivalent to around Rp32,000 trillion when converted to rupiah. 

If this figure is truly realized, Anthropic's IPO could potentially become the largest initial public offering in capital market history, surpassing SpaceX's record of $86.3 billion just recorded in mid-2026.

Interestingly, Nvidia is reportedly not just a spectator. The world's largest AI chip manufacturer is said to be considering an investment of up to $10 billion as an anchor investor in Anthropic's IPO. 

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This move, if realized, will further strengthen the business relationship between the two — considering Nvidia has so far been one of the main suppliers of graphics processing units (GPUs) that are the backbone of AI model operations like Claude.

For comparison, Anthropic's last official valuation was recorded at $965 billion after a $65 billion Series H funding round in May 2026. 

This means the $2 trillion target circulating now far exceeds that official figure — so it's reasonable that many analysts suggest readers treat it as an upper-bound scenario, not a definite benchmark.

Revenue Growth Soars, But Losses Also Gap Open

Behind the glittering valuation numbers, there is a note that is equally important for potential investors. Anthropic's annual revenue run-rate was recorded at over $65 billion at the end of July 2026, soaring drastically from around $9 billion at the end of 2025. 

This surge is equivalent to more than sevenfold in a matter of months — growth rarely found in any sector other than generative AI.

But growth that fast comes at a price. Anthropic reportedly recorded a net loss of around $42 billion throughout 2025, mainly due to ballooning computing costs to train and operate Claude models. 

The public prospectus is later expected to reveal whether margins and cost efficiency improved throughout 2026, or whether these losses are still continuing.

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Several big names in the investment banking industry are also involved in working on this transaction, including Morgan Stanley, Goldman Sachs, JPMorgan, and Citigroup. 

Apart from financial matters, investors will also highlight Anthropic's dependence on cloud computing providers such as Amazon and Google, as well as how the company handles governance issues and security risks of its AI models — topics that have recently been increasingly highlighted ahead of this listing plan.

Interestingly, Anthropic's move is actually in the opposite direction from OpenAI's stance. OpenAI CEO Sam Altman previously emphasized that his company will not go public throughout 2026, citing concerns about the risks of increasingly sophisticated AI systems. 

This difference in stance illustrates how AI giants are now beginning to take different strategic paths regarding their ownership status going forward.

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Conclusion

The plan for Anthropic's IPO on Nasdaq is still status news from unofficial sources, but the signals are strong enough: the confidential S-1 filing is underway, the October 2026 target is narrowing, and the valuation being discussed could set a new record in the capital market. 

On the other hand, revenue growth that soared sevenfold goes hand in hand with losses of tens of billions of dollars, so investors need to wait for the official prospectus before assessing whether this $2 trillion valuation is realistic or merely overly optimistic market expectations.

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FAQ

When is Anthropic's IPO expected to take place? Sources cited by Reuters estimate the roadshow begins in mid-October 2026, with the listing process completed before the November midterm elections. However, this schedule is not official and could still change.

What valuation is Anthropic targeting in this IPO? Anthropic is reportedly targeting a valuation of around $2 trillion with a fundraising target of up to $100 billion, far above its last official valuation of $965 billion in May 2026.

Is it true that Nvidia will invest in Anthropic's IPO? Nvidia is reportedly considering an investment of up to $10 billion as an anchor investor, although there has been no official confirmation from either party.

Is Anthropic already profitable financially? Not yet. Anthropic reportedly still recorded a net loss of around $42 billion in 2025 due to high computing costs, although its revenue run-rate soared sevenfold throughout that year.