It was reported earlier this week that Anthropic is preparing to file for IPO “as soon as the end of this month” at a reported $2 trillion market cap, a size that would exceed SpaceX’s historic IPO earlier this year. This follows another quarter of record-breaking revenue growth from Anthropic, which achieved $11.5 billion in Q2 revenue, up from just $787 million the same quarter last year. In addition, Anthropic reached a $65 billion revenue run rate at the end of July, substantially ahead of OpenAI’s reported $40 billion run rate.
The S-1 is anticipated to be a potential watershed for the AI industry as a whole, as it will clarify the economics underlying Anthropic’s unprecedented growth. Anthropic posted a net loss of nearly $42 billion in 2025, roughly five times the prior year’s $8.3 billion. Despite that, Q2 was reported to be Anthropic’s first profitable quarter, which may have played a role in the timing of the IPO. As AI capex continues to skyrocket, many will see Anthropic’s ability to generate a profit as a signal of whether the return on that investment will be worthwhile.
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