Anthropic IPO launch shifts toward mid-October, sources say

Anthropic is pushing its potential stock-market debut toward mid-October at the earliest, according to people familiar with the matter. The company now expects to make its IPO prospectus public in late September, rather than as early as next week.

The prospectus would begin the final stages of the offering. The people cautioned that the timetable remains subject to change, reflecting the uncertainty that can accompany market conditions, regulatory reviews and other preparations.

The delay has pushed back what some investors have said could be a $2 trillion listing. Such a valuation would make the offering one of the largest ever attempted and a major test of public-market appetite for the fast-growing artificial intelligence industry.

As part of the process, Anthropic is seeking to finalize a $15 billion revolving credit facility. Analysts, including those at banks involved in the financing, are then expected to meet with the company. Firms typically leave several weeks between those meetings and publication of an IPO prospectus, although Anthropic could have a shorter interval because analysts already know the company well.

The offering is expected to be closely watched by investors seeking exposure to AI through public markets. It could coincide with potential listings by other AI companies, including OpenAI. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic, according to people familiar with the IPO. Anthropic and the banks declined to comment.