Anthropic set to shatter SpaceX’s stock market record despite filing $518,000,000,000 in future debt
Another tech giant is tipped to enter the ever-brutal ring of the stock market, with Anthropic poised to make its debut with an astronomical IPO. Founded in 2021 by former OpenAI employees, including siblings Daniela and Dario Amodei, Anthropic is known for its flagship Claude proprietary large language models.
Making headlines for the super-advanced Claude Mythos, Anthropic has recently been in the news due to Dario Amodei's warnings that AI needs more governance. Amodei isn't alone in his foreshadowing, with the likes of OpenAI's Sam Altman and xAI's Elon Musk similarly warning that we need to act now to prevent an AI takeover.
Still, there seems to be no stopping the popularity of AI, which has only been highlighted by the AI-focused Nvidia soaring up the stock market as one of the most profitable businesses in the world.
Although there are questions about when the AI bubble might burst, Anthropic could be next to find itself a place on the stock market thanks to its heavily rumored IPO.
What are the Anthropic IPO rumors?
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Rumors of Anthropic's IPO are nothing new, but as reported by Reuters, a leaked prospectus paints an interesting picture of what could be on the way and whether we should invest our hard-earned money. Boasting some impressive financials, Anthropic has apparently grown massively in the past year, as revenue has grown 12-fold in 2025 to nearly $4.6 billion.
Elsewhere, it's said that Anthropic spent $7.33 billion on compute and infrastructure in 2025, marking a threefold increase from 2024. Notably, these expenses account for over half of Anthropic's total $12.65 billion in operating costs.
There's still an impressive valuation of over $2 trillion, which is mighty impressive considering the AI startup's infancy.
Despite Amodei sounding the alarm over AI going rogue, Anthropic still unleashed its Opus 5.5 model to compete with OpenAI’s GPT-6 Astra that heralded the dawn of artificial general intelligence.
Reuters cites sources that suggest the IPO will be pushed out after the November US midterm elections, but noted that Anthropic is yet to respond to its request for comment.
Has Anthropic made a profit or a loss in 2026?
Similar to concerns about SpaceX being overvalued, many think Anthropic is being overhyped ahead of a potential IPO. Like SpaceX recorded a $2 billion loss in the first half of 2026, Reuters suggests that Anthropic might be having similar problems.
Putting SpaceX to shame in a very different way, the Anthropic prospectus supposedly points to a net loss of $42 billion in 2025. This comes with an $8 billion loss on an operating basis, excluding write-downs of liabilities largely tied to previous fundraising. There's also a $34 billion accounting charge that's reflected in the estimated value of financing, which could turn into Anthropic shares.
Despite that impressive 12-fold revenue growth, it's hard to escape the fact that losses have ballooned 425% from 2024.
We know you have to spend money to make money, but with plans to spend a further $518 billion on cloud, computing, and infrastructure obligations in the next year, some are sure to say the numbers aren't adding up.
The $2 trillion valuation is more than double a May 2026 one of $965 billion. We're also reminded that Anthropic's potential IPO would see it soar ahead of SpaceX's recent record-breaking IPO that valued it at $1.77 trillion.
There are likely to be similar concerns because SpaceX's stock initially leaped $160 to prove critics wrong but has since dipped to around $147 following a $135 launch.
The AI race is on, and with both Anthropic and OpenAI dashing toward the stock market, investors are hot on their heels.