Anthropic stands out as US IPO market slows amid mounting risks

The US IPO pipeline is thinning out. Rising interest rates, looming midterm elections, geopolitical tension and investor doubts about tech valuations have pushed a long list of planned offerings into the freezer. Anthropic, meanwhile, is still walking toward the stage. According to Bloomberg, the AI company is one of the few major names left on track to go public. A $2 trillion question Anthropic’s anticipated IPO could value the company at up to $2 trillion. If it lands there, it would potentially be the largest IPO ever. For scale, that figure would top SpaceX’s valuation of roughly $1.77 trillion to $1.8 trillion. The timeline is tight. Anthropic plans to begin formal marketing for the offering the week of November 9, 2026, with trading potentially starting before Thanksgiving on November 26. At a recent pre-IPO investor day, Anthropic reported third-quarter 2026 revenue of $16.8 billion. That represents growth of approximately 45% to 46% from $11.6 billion in the second quarter. First-quarter revenue came in at $4.7 billion. The fine print investors will read The growth story comes with a heavy cost structure attached. In 2025, Anthropic generated revenue of about $4.6 billion ...