Anthropic IPO Delayed To Mid-October As Company Finalizes $15 Billion Credit Facility

Anthropic has delayed the start of its initial public offering marketing to mid-October at the earliest, according to people familiar with the matter. The AI company had been expected to release its IPO prospectus as early as next week.

That release is now expected in late September. The shift pushes back the overall timeline, with the listing now likely to complete just days before the U.S. midterm elections in November.

A Potential $2 Trillion Valuation

Some investors have said the listing could reach a $2 trillion valuation. That would make it one of the largest IPOs ever attempted and a major test of public market appetite for AI companies.

For context, SpaceX went public in June at a record $1.77 trillion valuation. Anthropic’s listing, if it hits that $2 trillion mark, would surpass it.

The company declined to comment on its IPO plans.

Credit Facility First

Before the prospectus goes public, Anthropic is working to finalise a $15 billion revolving credit facility. Once that is in place, analyst meetings with the banks involved in the financing are expected to follow.

Companies typically leave several weeks between those meetings and publishing a prospectus. Anthropic may work on a tighter schedule because analysts are already well familiar with the business.

Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working on the deal. All declined to comment.

A Crowded IPO Landscape

Anthropic’s offering comes as investors are actively looking for public market exposure to AI companies. OpenAI is also considering a listing, which could run alongside Anthropic’s.

The IPO schedule changes are not unusual. Companies often adjust timelines as they work through market conditions, regulatory reviews and other preparations.

Anthropic makes the Claude family of AI models and has attracted major investment from Google (GOOGL) and Amazon (AMZN). The company has grown quickly as demand for AI tools has increased across industries.

The prospectus publication in late September would kick off the final stages of the IPO process. Marketing of the offering would then begin in mid-October, leading to a potential listing before the November midterm elections.

No final timeline has been confirmed, and the people familiar with the matter cautioned that plans remain subject to change.

The listing is being watched closely by investors and the broader tech industry as one of the first major AI-native companies to attempt a public market debut of this scale.