Anthropic has reportedly selected Nasdaq for a potential public listing, with the Claude developer considering an October debut. The timetable, exchange choice, valuation, share count and offering price remain unconfirmed and subject to market conditions.

Reuters reported that Anthropic could seek to raise as much as $100 billion at a valuation of approximately $2 trillion, although both figures remain under discussion. Nvidia is also considering an investment of up to $10 billion as a potential anchor investment. Investors are expected to weigh those plans against Anthropic’s reported 2025 losses and an annualized revenue run rate exceeding $65 billion.

Anthropic’s Confidential S-1 Filing and Potential October Timeline

Anthropic announced on June 1 that it had confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission. The filing allows the company to proceed with an offering after the regulator completes its review, but Anthropic said market conditions would determine whether the transaction moves forward. The company also said it had not yet established the number of shares to be offered or the price range.

A confidential submission does not provide investors with the information contained in a public prospectus, including audited financial statements, risks, ownership details and offering terms. Anthropic has not published the filing or audited financial details. Until that information is public, the reported valuation and fundraising figures cannot be evaluated against the company’s full audited financial statements or finalized offering terms. The company said required financial disclosures must be made available at least 15 days before investor marketing begins.

Reuters reported that the roadshow could begin no earlier than mid-October. Sources cited in the report expect the listing to be completed shortly before the November midterm elections, although the schedule could change. Those sources also expect Anthropic to publish its filing in late September, which would give investors limited time to review the IPO documents.

Neither Anthropic nor Nasdaq has publicly confirmed the exchange selection or an October listing date. Regulatory delays or weaker market conditions could push the offering into a later period. For now, October remains a reported target rather than a fixed timetable.

A Nasdaq listing would add another major technology offering to the exchange after SpaceX’s market debut earlier in 2026. Nasdaq competes with the New York Stock Exchange for large listings. The two exchanges use different systems to establish a stock’s opening price on its first trading day, a distinction that could be relevant to a transaction expected to involve substantial demand and trading volume. Exchange selection alone, however, does not determine post-listing performance; valuation, allocation, earnings quality and broader market conditions would also affect the offering.

Valuation, Nvidia Investment and Financial Risks

Anthropic is reportedly seeking up to $100 billion at a valuation near $2 trillion. If completed at those levels, the offering could become the largest IPO ever, although sources said the discussions could change.

Nvidia is considering investing as much as $10 billion as a potential anchor investor, Reuters reported. Such an investment would deepen the relationship between Anthropic and a major supplier of graphics processors used in artificial-intelligence workloads.

Anthropic raised $65 billion in May at a post-money valuation of $965 billion. By the end of July, its annualized revenue run rate had exceeded $65 billion, up from approximately $9 billion in late 2025. The run rate is an estimate based on recent sales activity and does not represent recognized annual revenue.

The company’s reported losses will be a significant focus of the IPO review. Anthropic reportedly recorded a net loss of approximately $42 billion in 2025, amid high computing expenses. A public prospectus would be expected to show whether margins, cash usage and customer concentration changed during 2026.

Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup are among the banks working on the transaction, Reuters reported. Their final roles could cover distribution, pricing and stabilization responsibilities. Investors are also expected to examine Anthropic’s reliance on external cloud and chip providers. Amazon and Google already back the company and provide computing resources.

Recent safety warnings have also placed Anthropic’s model governance and risk disclosures under additional scrutiny ahead of a possible listing. The public filing would be expected to clarify voting control, major shareholders, dilution, legal exposure and financial results before any roadshow begins.