Anthropic Could Start IPO Roadshow Week of Nov. 9, Putting Debut Before Thanksgiving

Anthropic could begin formally marketing its initial public offering as soon as the week of Nov. 9, putting its shares on track to trade before Thanksgiving, Bloomberg reported Thursday. The company has issued invitations for an Oct. 14 investor day at its San Francisco headquarters. Anthropic expects the deal to match or beat the size of SpaceX's record IPO.

The timetable rests on people familiar with the plans, and no public prospectus exists yet.

A month later than planned

The proposed schedule would move formal marketing about a month beyond the mid-October start contemplated in early September. That earlier plan called for completing the listing days before the November midterm elections. A roadshow starting the week of Nov. 9 would follow the Nov. 3 vote.

Anthropic is still expected to debut no later than the end of 2026, although deliberations are continuing and the schedule could change again. Thanksgiving falls on Nov. 26 this year, and dealmaking typically grinds to a halt around the holiday.

Anthropic submitted its confidential draft registration statement to the Securities and Exchange Commission on June 1. It must release the filing at least 15 days before beginning its roadshow. A Nov. 9 start would therefore require a public filing in late October. The company said in that notice that the proposed offering would depend on market conditions and other factors.

What investors are pricing

The investor day will let a select group of institutional investors put questions directly to senior management ahead of the proposed share sale.

Prospective investors now consider $1.8 trillion to $2 trillion a fair valuation for Anthropic. The company raised $65 billion at a $965 billion valuation in May 2026. The range under discussion would put its value at roughly twice that level.

SpaceX raised a record $75 billion in its June 2026 IPO at a $1.77 trillion valuation.

The confidential draft prospectus seen by reporters shows roughly $4.6 billion in revenue for 2025, up from $386 million in 2024, and an operating loss exceeding $8 billion. Its almost $42 billion net loss for 2025 included more than $34 billion from changes in the fair value of liabilities, an accounting charge rather than cash spent.

A market pulling deals

Oura recently postponed its debut hours before a planned first-time share sale after some potential buyers balked at a fully diluted valuation target of about $15 billion. It was the third company in a matter of weeks to formally postpone an offering.

Excluding the record listings of SpaceX and SK Hynix, more than 100 stocks that listed in 2026 had a weighted-average loss of 4%. The S&P 500 had returned 12% this year, while the Nasdaq 100 had gained 20%.

OpenAI chooses private funding

OpenAI has ruled out an initial public offering for 2026 and is pursuing a private funding round of at least $30 billion at a valuation near $1.4 trillion.

“Right now would be an ill-advised moment to go public, and we don't feel pressure on that,” chief executive Sam Altman said in an interview.

The bull and bear cases

“Wall Street might choke on the losses, and you only get one chance to make a first impression,” Axios's Dan Primack wrote Wednesday, laying out the bear case.

For the bull case, he described Anthropic's position: “Anthropic really needs the money at a time when it could have the capital-markets stage to itself.”

Primack's bottom line: “Anthropic needs to do a financing event. The only question is what kind.”

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Marcus Schuler

San Francisco

Editor-in-Chief and founder of Implicator.ai. Former ARD correspondent and senior broadcast journalist with 10+ years covering tech. Writes daily briefings on policy and market developments. Based in San Francisco. E-mail: editor@implicator.ai