Claude owner delayed the publishing of the prospectus to the end of September. A valuation of up to 2 trillion is still on the table. The AI scale-up is forecasting a second consecutive quarter of adjusted operating profit
Anthropic delays its giant listing and while in the meantime further strengthening the financial structure and the potential investor base for the offer by bringing Nvidia on board as an anchor investor and negotiating a new revolving facility of 15 billion US Dollars (see here a previous post by BeBeez).The Claude’s developer that siblings Dario Amodei and Daniela Amodei founded aims to make public by the end of September 2026 the Form S-1 registration statement that filed confidentially with the SEC on 1 June, Monday (press release), Reuters reported.
Anthropic may launch the IPO in mid October. The company previously scheduled the prospect release for mid-September 2026, after the US Labor Day. Reuters quoted sources as saying that the usual adjustments of any bid preparation process, taking into account regulatory requirements and market conditions caused such a delay but it would not, for the time being, change its target of completing the IPO in autumn 2026. Morgan Stanley and Goldman Sachs lead the placement process with the support of JPMorgan and Citigroup.
Nvidia is also discussing to up to 10 billion US dollars in the IPO as an anchor investor. Anthropic could reportedly raise up to 100 billion US dollars on the ground of an enterprise value in the region of 2 trillion. Nvidia’s involvement would have industrial and financial significance, given that Anthropic makes significant use of the group’s GPUs and is rapidly increasing its investment in computing capacity.
Furthermore, Anthropic is also finalising a 15 billion revolving credit facility in preparation for the IPO. The new debt would therefore provide an additional source of liquidity ahead of the company’s stock market debut, at a stage when the development of frontier models requires ever-increasing investment in computing and infrastructure.
Anthropic informed investors that in 3Q26 it expects to generate again adjusted operating profit excluding share-based compensation. The company achieved a gross margin of over 80% before revenue sharing and model training costs. In 2Q26, Anthropic revenues amounted to 11.5 billion, a year-on-year growth of around 14 times. The annualised revenue run-rate, which already rose to over 47 billion at the start of May 2026 reached 65 billion by the end of July, up from around 9 billion at the end of 2025 (see here a previous post by BeBeez ). Such projections now suggest the possibility of reaching a run-rate of around 120 billion by the end of 2026, before tripling that figure by the end of 2027, Financial Times reported.
Growth is the main factor on which bankers and investors are basing their assessments of Anthropic’s potential valuation. As BeBeez previously reported, the company is forecasting revenues in the region of 190–200 billion in 2028, whilst discussing valuations of up to 2 trillion in the run-up to the IPO. In late May 2026, Anthropic secured a Serie round H of 65 billion post-money value of 965 billion that Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital led (see here a previous post by BeBeez). In February 2026, Anthropic secured a series G round that GIC and Coatue led on the grounf of a post-money value of 380 billion (see here a previous post by BeBeez).
The acceleration in revenue growth and the move towards adjusted operating profitability therefore play a particularly significant role in shaping the equity story. A valuation of 2 trillion would imply just over 30 times the July revenue run-rate of 65 billion, or around 16.7 times the projected run-rate of 120 billion that the firm expects to generate by the end of the year.
At the end of May 2026, Anthropic announced the opening of its Milan office with a team dedicated to Italian businesses, the developer community and research following London, Dublin, Paris, Zurich and Munich (see here a previous post by BeBeez).
Mattia Gamberoni is Anthropic’s Italy Country Manager (see here a previous post by BeBeez).
