Technology and Scienceupdated 54m ago2 min read
Anthropic Prepares 2026 IPO as Investors Await Filing on $600 Billion Infrastructure Commitments
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Anthropic IPO valued up to around $2 trillion with massive infrastructure commitments. Backers' stakes total in the billions of dollars as IPO looms.
One story. Different accounts.
“Some backers would rather wait for Anthropic’s IPO, according to the Financial Times.”
“Anthropic remains heavily dependent on a relatively small group of customers.”
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IPO timing and finances
Anthropic is preparing for a potential IPO in 2026 and investors are waiting for an official filing that is expected to shed light on the company’s finances, including steep computing costs, billions in underlying losses, and hundreds of billions in infrastructure commitments. The CTech account says Anthropic is on course for roughly $60 billion in annual revenue and that third-quarter revenue reached $16.8 billion, up 45% from the second quarter and exceeding the $16.3 billion reported for the first half of 2026. Anthropic reported a loss of $80.7 billion in the first half of 2026, with $72 billion described as an accounting loss tied to debt expected to convert into equity at a later stage.
CTech further reports that Anthropic spent $9 billion on cloud services, chips and other computing costs in the first half of 2026, up sharply from $2.3 billion in the same period a year earlier. Anthropic has signed contracts for AI infrastructure totaling $600 billion over the coming decade and is negotiating additional agreements worth another $150 billion.
OpenAI valuation cut
OpenAI is targeting a $1.25T pre-money valuation, down from the $1.4T it pitched to investors, as investors wait for Anthropic’s IPO.
Tech Funding News says the ChatGPT maker wants up to $30B and that investors have until October 30 to commit, with the post-money valuation described as about $1.28 trillion if the full $30 billion comes in.
OpenAI declined to comment and investors paused after a record raise in March 2026 at an $852 billion post-money valuation.
Tech Funding News quotes Rockefeller Global Family Office chief investment officer Jimmy Chang saying, "The market needs to see a successful IPO. These companies need funding."
OpenAI’s position as “a free option” to watch how institutional investors react to audited frontier AI financials before committing to its own price frames the hesitation around Anthropic.
Backers, stakes, and scrutiny
TechCrunch says Anthropic’s public listing is expected this year at a valuation of as much as $2 trillion and that the stakes held by early backers already total billions even at the company’s latest private market valuation of $965 billion. Eric Schmidt owns about 1% of Anthropic and his stake is worth nearly $10 billion at the current private valuation, while Iconiq’s $6 billion check is now worth $17 billion. Menlo Ventures has invested more than $1 billion over time and its stake is now worth $14 billion, and Sequoia’s $3 billion investment gave it about 1% ownership when Anthropic was valued at $380 billion.
Morningstar says Anthropic officially filed for an IPO in early October and expects to raise $100 billion at a $2 trillion valuation on its expected November launch. Morningstar reports that mutual fund firms have invested an estimated $6 billion in Anthropic, led by American Funds parent Capital Group with $10 billion invested, and it says Fidelity ranks second with roughly $5 billion in the company.