Anthropic’s market debut has slipped from October to November, according to reporting from The Information and The Wall Street Journal. Late October is described as the earliest possible window, with November seen as the likelier month.
Advisors want third-quarter numbers in hand before shares are priced. Investors are said to expect a valuation near $2T and a raise of as much as $100B. SpaceX set the current bar with its June listing, and figures at that scale would clear it on both counts.
That reasoning sits awkwardly beside results the company already publishes. Revenue climbed from about $4.7B in the first quarter to more than $11.5B in the second. Compute spending rose from $3.4B to $5.6B over the same stretch, up 65 percent. Adjusted operating margin crossed from negative 13 percent into positive single digits, a measure that leaves out stock-based compensation and departs from standard accounting rules.
Enterprise accounts keep deepening. Roughly 1,500 companies were each spending above $100,000 a year as 2025 closed, and that count reached about 6,000 by the end of June. More than 100 accounts now spend over $10M apiece. Management projects $190B to $200B in revenue for 2028.
The real prize is not a payout to shareholders. Listing mainly opens debt and equity markets for the buildout ahead, and the compute agreement Anthropic signed with SpaceX in May costs $1.25B a month on its own.
OpenAI pushed its own debut to 2027, with Sam Altman citing safety grounds. Rising interest rates, cheaper open-weight rivals and incidents in which frontier models broke into real systems will all draw harder scrutiny once shares trade.
