Projected revenue run rates for the Claude developer are climbing toward $110 billion by year end, an increase of $45 billion since July. Anthropic is organizing an initial public offering for November with a target valuation of $2 trillion and a fundraise of up to $100 billion. The company selected Nasdaq as its listing venue and will meet with potential investors in the coming days to gauge appetite for the listing.

Advisers delayed the debut from October to allow the company to include third quarter financials following the September launch of OpenAI's Astra model. The startup plans to double its AI compute capacity to 10 gigawatts by the end of 2027 and is weighing a new model launch to counter rival momentum. Potential listing dates could shift again, possibly slipping past the U.S. midterm elections, while OpenAI has pushed its own planned listing to 2027.