Annualized revenue at the AI lab climbed to $65 billion in July and is projected to surpass $100 billion by the end of 2026. Anthropic plans to debut on the Nasdaq in November with a valuation of $2 trillion and may raise as much as $100 billion in the offering. The company will meet with prospective investors in the coming days to address valuation metrics and the impact of a potential slowdown in advanced model development.

The listing follows calls from the SOC Investment Group to delay the IPO until AI safety and deployment rules are clearer. The company is also countering momentum from OpenAI's Astra model, which captured 13% of enterprise AI spending compared to 8% for Claude Fable, per data from Ramp. Anthropic intends to secure 5 gigawatts of computing capacity by year-end and double that to 10 gigawatts by 2027.