Anthropic May File for IPO by Late August: Fundraising Expected to Surpass SpaceX, Quarterly Operating Profit Turns Positive

The company is currently calculating the fundraising size of its potential IPO, aiming to match or exceed SpaceX's record-setting initial public offering.

Reportedly, SpaceX raised $75 billion at the launch of its initial public offering, making it the largest initial share sale in history. Including the exercised over-allotment option, SpaceX's final fundraising total reached $86.2 billion. Notably, Anthropic's IPO remains in the planning stages, and the fundraising size and other offering details are still subject to change.

Anthropic's proposed IPO target reflects how fundraising scale among leading AI companies is rapidly reshaping the tech investment market. The five-year-old company completed a $65 billion funding round in May, reaching a valuation of $965 billion. By comparison, ChatGPT developer OpenAI was valued at $852 billion when it raised $122 billion in March.

From the fundraising and valuation figures, both Anthropic and OpenAI have entered a stage of mega-scale capital operations. Market focus on AI companies is extending beyond model capabilities and user growth to compute investment, commercial revenue, and sustained fundraising capacity.

Notably, although Anthropic's net loss in 2025 is projected to approach $42 billion, up roughly fivefold year-over-year, this indicates that AI model training and computing power procurement continue to impose heavy financial pressure.

Reportedly, Anthropic has reached a computing power partnership with SpaceX, under which spending on related computing resources could reach tens of billions of dollars over the next three years. For Anthropic, a potential IPO serves as both a capitalization opportunity following rapid revenue growth and a critical milestone for the market to test whether its high valuation and profitability align with its long-term computing costs.

However, the latest financial data shows that Anthropic's preliminary revenue for the second quarter of this year exceeded $11.5 billion, significantly higher than the $787 million recorded in the same period of 2025; as of the end of July, its annualized revenue run rate reportedly reached $65 billion, and its quarterly adjusted operating profit turned positive.

Unlike OpenAI, Anthropic focuses primarily on the enterprise market, targeting application scenarios such as coding, AI agents, and enterprise workflows. Enterprise clients have consequently become its primary source of revenue.

Among these, coding is viewed as a crucial pillar of Anthropic's commercialization. Products launched by the company, such as Claude 3.5 Sonnet and Claude Code, are widely used in the developer market; among them, the annualized revenue run-rate for the single product Claude Code alone has surpassed $2.5 billion.

As of the second quarter of 2026, Anthropic's market share in the enterprise large language model API market reached 32%, surpassing OpenAI's 25% for the first time to rank first in the market.

Amazon (AMZN), Google (GOOGL), JPMorgan (JPM), and Salesforce (CRM) and other large enterprises are all among its major clients.

In the eyes of investors, rapidly growing revenue and cash flow from the enterprise market are crucial factors supporting Anthropic's high valuation. More optimistic market expectations have even emerged, suggesting that if Anthropic's revenue continues to grow at a high rate, there remains room for the company's valuation to rise further.

In addition to IPO preparations, Anthropic also plans to adjust how data is managed when enterprise customers use its high-capability artificial intelligence models.

According to a person familiar with the matter, Anthropic is expected to launch a new security system later this year. Enterprise customers will still be required to retain data for 30 days, but can choose to store the data in their own cloud infrastructure rather than on Anthropic's.

The system has been in development for several months. The new arrangement means enterprise customers will have greater control over data retention when using Anthropic's models. By contrast, the earlier data retention policy was primarily intended to mitigate risks from potential cyberattacks.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.