Anthropic said to target mega-IPO before U.S. Thanksgiving holiday

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Photo by ANDREJ IVANOV/AFP via Getty ImagesAnthropic PBC is seeking to go public as soon as the middle of November, according to people familiar with the matter, after the artificial intelligence model maker pushed back plans to list.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe firm behind Claude could start formal marketing for its IPO as soon as the week of Nov. 9, putting it in line to begin trading before Thanksgiving, the people said. Dealmaking typically grinds to a halt in the days around the holiday, which is on Nov. 26.This advertisement has not loaded yet, but your article continues below.Anthropic is still expected to make its debut no later than the end of the year, the people said. The AI developer had been poised to file publicly for an initial public offering after the summer, Bloomberg News has reported.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againDeliberations are ongoing and the timeline could continue to shift, the people said, asking not to be identified as the information isn’t public.Anthropic, ascendant for much of this year, now faces renewed competition from the likes of OpenAI, which has gained sales momentum in recent months. The companies are also at the centre of mounting public scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents, ramping up concern about the potential impact on Anthropic’s market debut.Chief executive Dario Amodei published an essay on his personal website arguing the speed at which new AI models are advancing must be slowed down. OpenAI, a chief rival to Anthropic, has postponed its IPO plans, with chief executive Sam Altman arguing it’d be ill-advised to go public now.The concern doesn’t appear to have discouraged prospective investors, who believe a fair valuation for Anthropic is in the US$1.8 trillion to US$2 trillion ballpark, some of the people said. The company expects to match or beat the size of SpaceX’s IPO, Bloomberg News has reported.This advertisement has not loaded yet, but your article continues below.Anthropic had a net loss of almost US$42 billion in 2025, a roughly fivefold increase from about US$8.3 billion the year before, Bloomberg News reported in August. The company’s full-year revenue was roughly US$4.6 billion for 2025, up markedly from US$386 million in the year before, though its operating loss ballooned to more than US$8 billion, according to documents seen by Bloomberg News.The bulk of the net loss was driven by a jump in the change in fair value of Anthropic’s liabilities which accounted for more than US$34 billion of the company’s annual losses, the documents show.Reuters reported some details of the IPO valuation and financials previously. A representative for Anthropic couldn’t immediately respond to a request for comment.Powering ahead with an IPO would see Anthropic defy the string of delays and postponements in the market for new listings. Oura Inc. was the third company in a matter of weeks to formally postpone its debut just hours before a planned first-time share sale, after some potential buyers balked at a fully diluted valuation target of about US$15 billion.A range of other companies have seen their targeted timelines slip as the performance for this year’s class of IPOs stumbled. When removing SpaceX and SK Hynix Inc.’s record-setting listings, the weighted-average return for the more than 100 newly listed stocks is a loss of four per cent, data compiled by Bloomberg show. The figure sharply lags a 12 per cent return for the S&P 500 Index and a 20 per cent gain for the tech-heavy Nasdaq 100 this year.—With assistance from Shirin Ghaffary and Dina Bass.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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