Anthropic Files for IPO in November 2026 Amid Cost Pressures

Anthropic is now aiming for an IPO in November 2026, as its infrastructure expenses and operational risks remain high. However, the company is showing a marked acceleration in its revenues and an expansion of its customer base. The market anticipates a valuation of around $2 trillion and up to $100 billion raised, while OpenAI has pushed its own timeline to 2027.

Massive Cash Needs and Sought-After Access to Markets

The IPO is presented as a primarily useful means to sustainably access debt and capital markets. In early August, Anthropic indicated it had between $120 and $130 billion in cash, but additional funding is deemed likely given the costs associated with data centers and model training. The infrastructure agreement signed with SpaceX in May alone represents $1.25 billion per month. Additionally, rising interest rates are increasing the cost of building these infrastructures.

Model Security: Testing Incidents and Lack of Insurance Coverage

Security tests involving OpenAI, Google, Anthropic, and Meta have resulted in "unintentional hacks" attributed to the cybersecurity capabilities of the models. These episodes are presented as sources of operational risks as long as potential damages are not covered by insurance. At this stage, they have not been treated as attacks and have not led to sanctions or lawsuits, often being dismissed as mere novelties related to AI. Sam Altman, for his part, cited security concerns to explain OpenAI's IPO delay, believing that an AGI company has reasons to remain private during significant changes.

Accelerated Revenue Growth and Improved Adjusted Margin

Revenues more than doubled between the first and second quarters of 2026, from around $4.7 billion to over $11.5 billion, according to a source. During the same period, IT infrastructure expenses increased by 65%, from $3.4 billion to $5.6 billion. The adjusted operating margin reportedly improved from -13% in the first quarter to a positive single-digit figure in the second quarter, subject to mentioned reservations. These second-quarter results are described as sufficient to support an IPO.

Expanded Customer Base and Revenue Outlook

The enterprise customer base has significantly expanded: by the end of 2025, around 1,500 companies had each spent over $100,000 in twelve months, with an estimated total of about 6,000 by the end of the second quarter of 2026. During the same twelve-month period, over 100 companies exceeded $10 million each, and more than 1,000 surpassed $1 million each. Anthropic projects revenues between $190 and $200 billion by 2028.

Competition from OpenAI and Pressure from Open Models

OpenAI is credited with a performance resurgence driven by Astra and a lead on the OpenRouter model platform. Cheaper open-weight models are intensifying competitive pressure. The need for sustained growth is cited to justify massive investments in data centers. Anthropic recently claimed to be profitable, a presentation that, however, excluded significant costs such as stock-based compensation and did not rely on standard accounting principles.

Delayed Timeline and Record Market Expectations

Anthropic is now targeting November 2026 for its IPO, after an initial goal of October. Reports indicate a window ranging from late October at the earliest to November. Anthropic's advisors emphasize the desire to show strong results in the third quarter before the IPO. Investors are anticipating a valuation around $2 trillion and up to $100 billion raised, amounts that are expected to surpass benchmarks attributed to SpaceX in June. Several factors are cited to explain the delay, including costs, competition, interest rates, and uninsured cybersecurity risks. OpenAI, for its part, has postponed its IPO to 2027. The precise measurement of gains or savings generated by AI in businesses remains described as challenging.