Following OpenAI, Anthropic is also reportedly postponing its IPO

Anthropic is reportedly pushing back its planned IPO from October to November 2026.

The company originally targeted October. According to The Information and The Wall Street Journal, the listing is now expected in late October at the earliest but more likely November. Anthropic's advisors say the company wants to present strong third-quarter results before going public.

That explanation doesn't quite add up, assuming its second-quarter results are already strong enough to support an IPO. Strong third-quarter results could also boost the stock after the listing. Investors expect a valuation of roughly $2 trillion and a capital raise of up to $100 billion. Both would break the records SpaceX set in its June IPO.

Revenue more than doubled between the first and second quarters of 2026, rising from about $4.7 billion to more than $11.5 billion, according to The Information. Spending on computing infrastructure only rose 65 percent over the same period, from $3.4 billion to $5.6 billion. Meanwhile, the company's so-called "adjusted operating margin" rose from negative 13 percent in the first quarter to a positive single-digit percentage in the second, though that figure comes with caveats.

Business spending is growing fast, but Anthropic still needs cash

By the end of 2025, about 1,500 companies had each spent more than $100,000 on Anthropic's AI software over the previous 12 months, according to The Information. By the end of the second quarter of 2026, that number had quadrupled to about 6,000. Over that same 12-month window, more than 100 companies each spent over $10 million, while more than 1,000 each spent over $1 million. Anthropic reportedly projects revenue of roughly $190 billion to $200 billion for 2028.

Competition, costs, and cybersecurity risks complicate the IPO

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