Anthropic, the AI company behind Claude, is preparing for a possible initial public offering. New details about the IPO have emerged from a prospectus obtained by Reuters . The company is likely to launch its IPO after the US midterm elections in November.
Anthropic could seek a valuation of more than $2 trillion when it goes public. Reuters reported that the company recorded a net loss of nearly $42 billion in 2025. The prospectus projects $518 billion in costs over the next few years. Anthropic launched Claude in 2023, a few months after OpenAI launched ChatGPT. OpenAI is expected to wait until early 2027 before going public and is seeking a $1.5 trillion valuation in a funding round ahead of its IPO, according to the New York Times, as reported by Yahoo Finance. ChatGPT remained the leading AI platform by website visits in March 2026. It had about 50% of visits among leading AI platforms at that time. However, its share had fallen from 66% in July 2025, according to market intelligence firm Sensor Tower. Google Gemini had a 22% share in March 2026. Claude had about 10% of the market, according to Sensor Tower.
Because aI safety risks could affect regulation, product development and the way Anthropic operates in the future, these warnings are important for investors.
It also says the models could potentially resist shutdown. This would make the Claude maker one of the biggest AI companies to enter the public stock market. One of the biggest things investors need to watch is Anthropic’s financial position. At the same time, Anthropic expects to spend heavily on its AI infrastructure and computing capacity. This means investors will need to look closely at whether Anthropic can eventually turn its rapid AI growth and spending into sustainable profits. This means Anthropic could reach the public market before its biggest rival. The prospectus reportedly warns that Anthropic’s AI models could create a “catastrophic or existential risk to humanity. For investors, this means future AI regulation could become an important factor affecting Anthropic’s business and product development.
Since then, Claude has become a major alternative to ChatGPT.
