Anthropic expects its stock market debut to match or beat the largest listing in history, according to people familiar with the matter. The bar is SpaceX, and it sits at $85.7 billion.

The Claude developer could file publicly for the offering as soon as the end of August. Chief Financial Officer Krishna Rao sidestepped valuation questions during recent investor briefings, the people said.

The Anthropic IPO Bar Sits at $85.7 Billion

SpaceX sold shares at $135 each in June and raised $75 billion. Underwriters then exercised an option on 83.3 million more shares on June 15. That lifted the total to $85.7 billion.

The scale is historic. Saudi Aramco had held the record since 2019 with $25.6 billion. Visa’s $17.9 billion in 2008 was the biggest US listing. SpaceX beat the three largest IPOs in history combined.

Bloomberg first reported Anthropic’s ambition on Thursday. Beating SpaceX means clearing $85.7 billion. A $100 billion raise would sit roughly 17% above that line. No source has named a target.

Anthropic Already Raised $65 Billion Once

Anthropic is not starting from zero. It closed a $65 billion round on May 28 at a $965 billion valuation. Altimeter, Dragoneer, Greenoaks, and Sequoia led it. Amazon added $5 billion.

A $100 billion IPO would therefore be about 54% larger than a single private round from three months ago.

Revenue explains the confidence. Anthropic’s annualized revenue run rate reached $65 billion in July, up from $47 billion in May. It booked roughly $10 billion in all of 2025.

That growth pushed Anthropic past OpenAI, which priced a $7 billion employee share sale at $852 billion this month. Some backers now float a $2 trillion IPO valuation.

Crypto’s Anthropic Bet Is Tiny

Crypto traders have priced this listing for months. PreStocks issues pre-IPO tokens on Solana that track Anthropic’s implied value. Holders get no shares and no votes.

That market stays small. The ANTHROPIC token showed a $6.5 million market cap and $278,000 in daily volume on Thursday, according to CoinGecko.

A $100 billion raise would be roughly 15,000 times that market. The filing will swap guesswork for audited numbers, and it should land well ahead of OpenAI’s own listing timeline of 2027.

Source: BeInCrypto