Anthropic Preps Record-Breaking IPO Amid AI Backlash Risks

Key points

• Anthropic plans to file for its IPO by late August, targeting a valuation of approximately $2 trillion.
• The company reported a net loss of nearly $42 billion in 2025, a fivefold increase from the previous year.
• Revenue surged to over $11.5 billion in Q2, with an annual run rate reaching $65 billion by July.
• The IPO prospectus will list public backlash against AI data centers as a key risk factor.
• Anthropic is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase on the listing.

Background

Anthropic has been preparing for a public debut since confidentially filing in June. Earlier reports indicated a potential valuation between $2 and $3 trillion, with revenue run rates projected to double by the end of 2026. The company recently raised $65 billion at a $965 billion valuation, surpassing rival OpenAI, which is now targeting a 2027 listing.

How outlets are covering it

Bloomberg and NDTV emphasize the sheer scale of the IPO, noting it could exceed SpaceX's record and drive 2026 to become the best year for US IPO volume. CNBC highlights the political and social risks, citing a Gallup survey where 70% of Americans opposed local AI data center construction. The Financial Times offers a more cautious view, questioning whether revenue growth is driven by rising computing costs rather than genuine efficiency, and warns of competitive threats from cheaper alternatives like DeepSeek. While Bloomberg focuses on financial metrics, the FT questions the long-term sustainability of the business model.

Why it matters

A successful Anthropic IPO would reshape the tech investment landscape, potentially making 2026 the largest IPO year on record. However, it also signals the growing tension between AI expansion and public sentiment, with regulatory and political pushback against data centers becoming a material risk for the industry.

What to watch

Anthropic is expected to finalize a revolving credit facility exceeding $10 billion before its public filing. The company is also considering super-voting shares to maintain founder control. Investors will await the prospectus for details on margins and risk factors, while OpenAI continues its own confidential filing process for a potential 2027 debut.