Anthropic has delayed the launch of its initial public offering marketing to mid-October at the earliest, according to people familiar with the matter. The AI company had previously been expected to release its IPO prospectus as early as next week, but that release has now slipped to late September.

According to Reuters, the listing is now targeted for completion just days before the U.S. midterm elections in November. The shift pushes back the overall IPO timeline, moving both the prospectus publication and the start of marketing. Timing around major political events is a common consideration for listing candidates, since election periods can bring added volatility to public markets.

Anthropic is now expected to begin marketing its IPO in mid-October at the earliest, with the listing targeted for days before the U.S. midterm elections in November, per Reuters. Its public prospectus, previously expected as soon as next week, is now likely to come in late… pic.twitter.com/jLE8HBm02t

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A Potential $2 Trillion Valuation

Some investors have said the listing could reach a $2 trillion valuation, which would make it one of the largest IPOs ever attempted and a major test of public market appetite for AI companies. For context, SpaceX went public in June at a record $1.77 trillion valuation; if Anthropic hits the $2 trillion mark, its listing would surpass that figure.

The company declined to comment on its IPO plans.

Credit Facility First

Before the prospectus goes public, Anthropic is working to finalise a $15 billion revolving credit facility. Once that is in place, analyst meetings with the banks involved in the financing are expected to follow. Large revolving credit facilities of this kind are a common step for companies preparing to go public, providing liquidity flexibility ahead of the listing.

Companies typically leave several weeks between those analyst meetings and publishing a prospectus. Anthropic may operate on a tighter schedule because analysts are already well familiar with the business.

Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working on the deal. All declined to comment.

A Crowded IPO Landscape

Anthropic's offering comes as investors actively seek public market exposure to AI companies. OpenAI is also considering a listing, which could run alongside Anthropic's.

Such schedule changes are not unusual; companies often adjust IPO timelines as they work through market conditions, regulatory reviews and other preparations.

Anthropic makes the Claude family of AI models and has attracted major investment from Google and Amazon. The company has grown quickly as demand for AI tools has increased across industries.

The prospectus publication in late September would kick off the final stages of the IPO process. Marketing of the offering would then begin in mid-October, leading to a potential listing before the November midterm elections.

No final timeline has been confirmed, and the people familiar with the matter cautioned that plans remain subject to change. The listing is being watched closely by investors and the broader tech industry as one of the first major AI-native companies to attempt a public market debut of this scale.