Anthropic selects Nasdaq for IPO listing, targeting $2 trillion valuation

Anthropic has chosen Nasdaq as the exchange for its upcoming IPO, confirming what Wall Street had been quietly expecting for months. The company filed a draft S-1 registration statement with the SEC on June 1, 2026, kicking off a process that could redefine the scale at which AI companies enter public markets.

The target listing window is October 2026, with the roadshow potentially beginning in mid-October. The company is reportedly aiming to complete the offering before the November US midterm elections, giving underwriters a tight but workable runway.

Numbers that make most IPOs look modest

Anthropic is reportedly targeting a valuation of around $2 trillion. For context, that figure is more than double the $965 billion valuation the company carried after closing a $65 billion Series H funding round in May 2026.

The offering itself could raise as much as $100 billion, with some estimates placing the floor closer to $60 billion. Reports have also indicated that Nvidia is considering a $10 billion investment as part of the deal. Lead underwriting duties fall to Goldman Sachs, JPMorgan, and Morgan Stanley.

Anthropic’s annualized revenue run rate surpassed $65 billion by the end of July 2026, reflecting deep enterprise adoption of its Claude model family. The company reported net losses of nearly $42 billion in 2025, reflecting the capital intensity of frontier AI development.

How Anthropic got here

Anthropic was founded by former OpenAI researchers, including CEO Dario Amodei and President Daniela Amodei, who left to build a lab with a more explicit focus on AI safety. Amazon has committed multi-billion-dollar backing, and Google has been a significant investor as well. The May 2026 Series H round pushed the private valuation past $965 billion.

What the listing means for AI markets and investors

A successful Anthropic IPO at scale would create a liquid, publicly traded benchmark for frontier AI company valuations. Once Anthropic trades on Nasdaq, every other major AI lab gets a real-time comparables chart.

The losses are the story that will not go away during the roadshow. Nearly $42 billion in net losses in a single year is a number that requires a compelling narrative, and the revenue run rate exceeding $65 billion annualized gives the company something to work with.

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