Anthropic Upcoming IPO: Claude maker selects Nasdaq, targets October listing

The race between large language model (LLM) makers Anthropic and OpenAI has taken a significant turn. Anthropic, the Claude chatbot maker, has decided to list on Nasdaq for an IPO that could come as soon as October 2026 and potentially value the company at up to $2 trillion.¹

However, this progress comes around the same time as AI safety fears ramp up. Anthropic researcher Jacob Coxon made waves by resigning from the company in September 2026, due to the risk that AI could end humanity by the end of the decade.⁴ Shortly after, Anthropic CEO Dario Amodei, called for a slowdown in AI development, which several other prominent AI leaders agreed with, including Sam Altman, CEO of OpenAI (the company behind ChatGPT).⁵ Amidst these developments, Altman confirmed in a Fortune interview that OpenAI would not conduct an IPO in 2026, citing AI safety fears.⁶ That said, previous reporting from The New York Times in June suggested that OpenAI would likely delay its IPO until 2027 anyway, due to valuation concerns.⁷

Still, both companies have grown substantially, with Anthropic reaching a $965 billion valuation from its May 2026 Series H, above OpenAI's last primary funding from March 2026 that valued the company at $852 billion.⁸

Anthropic's potential upcoming IPO could also be the largest public market debut ever, surpassing SpaceX's recent high mark, as the company could seek over $100 billion in capital raised at a $2 trillion valuation.⁹

Still, Anthropic remains private for now, and it has not declared a definitive IPO timeline. And while accredited investors may be interested in trading pre-IPO Anthropic stock, note that the company currently does not allow direct share transfers or fund investments at this time,³ so it's possible individuals may have to wait for an IPO to come to fruition in order to invest in Anthropic.

Anthropic: Company background

Anthropic was founded in 2021 by siblings Dario and Daniela Amodei, who both came from OpenAI. Dario was the Vice President of Research at OpenAI, and Daniela was the Vice President of Safety & Policy.¹⁰ Anthropic has also recruited other ex-OpenAI staff, such as OpenAI co-founder John Schulman.¹¹

The company is a public benefit corporation, and in addition to developing Claude, it has a stated mission to safely develop AI for humanity's long-term benefit.¹² These factors, combined with the scale of its funding and revenue growth, contribute to significant investor interest in Anthropic's stock ahead of a potential IPO.

Anthropic IPO date and timeline

Anthropic took a major step toward the public market by confidentially submitting a draft registration statement to the SEC in June 2026.²

Still, Anthropic will need to publicly file its financials at least 15 days before beginning its investor roadshow.¹

In September, Business Insider reported that Anthropic selected the Nasdaq for its targeted October 2026 listing.¹ The Nasdaq also secured the SpaceX listing earlier in 2026, giving the exchange two of the most high-profile tech IPOs in recent memory. Both Nasdaq and the New York Stock Exchange are vying to be "seen as the home for future AI IPOs" according to Business Insider.¹

The publication also reported that some estimates have valued Anthropic at $2 trillion, though it has not finalized a valuation target for its IPO.¹

The confidential filing and reported Nasdaq selection came after Anthropic reportedly hired the law firm Wilson Sonsini and held preliminary conversations with investment banks in late 2025.¹³ While the recent developments point to an accelerating timeline, factors such as market conditions, regulatory feedback and the company's own strategic priorities could all influence if/when the offering is ultimately priced.

Anthropic and the AI competitive landscape

While ChatGPT is the most popular AI chatbot as of June 2026,¹⁴ there are several companies with similar offerings, creating stiff competition to win over customers. In addition to Anthropic's Claude, some examples of other top competitors include Google's Gemini, Meta's Llama, Perplexity's Sonar and xAI's Grok. Amidst the competition, these companies frequently release new, more powerful models.

Yet running these models can be very expensive, due to costs associated with areas such as data center usage and the acquisition or leasing of AI chips for training and inference. These resource requirements may create capital pressures for companies working to advance LLMs.

Access to public-market financing through an IPO can provide companies like Anthropic with a way to raise additional funding for ongoing development. In that context, an earlier public listing by one company relative to another would primarily reflect differences in the timing of access to public-market capital, rather than implying any advantage in business performance, technological capabilities or long-term prospects.

That said, other rivals like Google already have access to public market financing and the advantages that come from its stature. The ability of these AI companies to create better models also depends on factors like the technical capabilities of staff, R&D processes and acquisitions.

The way Anthropic and other AI companies operate in the coming years will affect the quality of their products, which will ultimately affect which LLMs customers favor and how model makers monetize their offerings. It's possible that some of the current LLM leaders will shrink or disappear altogether, while others generate revenue from subscriptions and perhaps new AI income streams like advertising.

So far, Anthropic has been able to draw in substantial revenue. As of the end of July 2026, Anthropic reportedly hit an annualized revenue run rate of $65 billion¹⁵ which represented a jump from crossing a $5 billion run rate in Aug. 2025.¹⁶ Anthropic also reportedly told investors that it will reach its second straight quarter of profitability, as the Financial Times reported in September.¹⁷ Meanwhile, in August 2026, Bloomberg reported that OpenAI's annualized revenue was on track to exceed $40 billion.¹⁸

Still, Anthropic and other LLM creators typically have a ways to go to meet their long-term financial goals, and there's no telling if they will be able to live up to their aspirations. Anthropic, for example, forecasts almost $200 billion in revenue by 2028.¹⁹

For one, Anthropic is preparing to IPO against a backdrop of rising scrutiny around AI safety, which has reportedly contributed to OpenAI delaying its public market pursuit.¹ That adds a layer of complexity to the AI-related IPO environment.

Anthropic stock price history

Anthropic's private market valuation has climbed steeply over a short period. The company's most recent primary funding round, a $65 billion Series H in 2026, set its post-money valuation at $965 billion and its price per share as high as $589.01.8 Some estimates, as noted by Business Insider, place the company's potential IPO valuation as high as $2 trillion, though that figure is not finalized.¹

Private market pricing for AI companies has been influenced by broader factors including investor appetite for AI infrastructure, the pace of model development and competitive dynamics among LLM creators. As Anthropic moves closer to a potential public listing, additional pricing signals may come to light.

Anthropic funding history and private market valuation

The growth of AI has coincided with massive capital inflows. Anthropic has raised significant funding across multiple primary rounds since its founding in 2021, with its most recent Series H in 2026 valuing the company at $965 billion.⁸

Initially, the Anthropic Series A in May 2021 raised around $125 million at approximately a $623 million valuation. This funding round included investment from several high-profile individuals such as Jaan Tallinn, James McClave, Dustin Moskovitz and Eric Schmidt, as well as the Center for Emerging Risk Research.⁸

In Feb. 2023, Anthropic took a big leap forward, raising nearly $1 billion for its Series B at a valuation north of $4 billion. This round also included investment from several individuals such as Sam Bankman-Fried, Caroline Ellison and Nishad Singh.⁸

A few months later, in May 2023, a two-part Series C brought Anthropic's valuation to $4.55 billion, with several institutional investors joining in, such as Google, Salesforce Ventures, Sound Ventures and Zoom Ventures.⁸ By October that same year, with Claude having launched just a few months earlier in March, Google invested in Anthropic again at a $14.55 billion valuation.⁸

Then, in early 2024, Amazon invested in Anthropic too, first in March at an $18.4 billion valuation, and then again in November at over a $41 billion valuation.⁸

Anthropic's valuation kept rapidly climbing in early 2025, when it raised its Series E at a $61.5 billion valuation from institutional investors such as Lightspeed Venture Partners, Bessemer Venture Partners, Cisco Investments and Fidelity. Half a year later in Sept. 2025, a multi-part Series F from investors such as ICONIQ Capital, BlackRock, Blackstone and Coatue Management raised around $13 billion and roughly tripled Anthropic's valuation to $183 billion.⁸

Subsequent funding rounds accelerated the trajectory even further. In February 2026, the Anthropic Series G raised around $30 billion at a $380 billion valuation. A few months later, in May 2026, it closed a $65 billion Series H at a $965 billion post-money valuation, underscoring the scale of investor appetite for AI infrastructure as the company potentially moves closer to a public listing. Some of this round's investors included Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Micron, Samsung, SK Hynix, Amazon and Fidelity, among others.⁸

How to invest in Anthropic before its IPO

At this time, Anthropic does not allow direct share transfers or fund investments.³ So, investment may be limited to those selected by Anthropic to invest directly in the company, such as through primary funding rounds, although with an IPO potentially happening soon, the company might not conduct any more rounds. Instead, it's possible most investors will have to wait for an IPO to come to fruition in order to invest in Anthropic.

As an alternative, accredited investors might consider investing in other private market AI-related companies to gain related, thematic exposure. However, it's worth noting that private market transactions differ from public market trading in several important ways. Share availability can be limited, and private companies may impose transfer restrictions such as a right of first refusal (ROFR) or board approval requirements that affect whether and when transactions can be completed. Valuation uncertainty is also inherent in private market investing, as pricing generally relies on less frequent data points compared to public equities.

To learn more about pre-IPO opportunities, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Both accredited and non-accredited investors might also consider investing in publicly traded AI stocks or funds for thematic exposure, although that is not the same as directly investing in Anthropic.

Looking ahead

With a confidential S-1 submitted, a Nasdaq listing selected and an October 2026 target reported, Anthropic appears to be advancing through the final stages of its IPO preparation. However, there can be no assurance that Anthropic will complete an initial public offering. The timeline for each remaining step depends on factors such as regulatory feedback, market conditions and the company's own strategic decisions.

Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about the Anthropic IPO and other pending public offerings.

To start exploring pre-IPO opportunities, accredited investors may create an account with Forge. After creating a free account, eligible investors may have the opportunity to buy and sell shares of private companies, subject to availability.