Anthropic PBC is set to meet prospective investors at its San Francisco headquarters on 14 October as it prepares for an initial public offering, Bloomberg reported on 1 October, citing people familiar with the matter. Its market debut could value the company at more than $2 trillion, Yahoo Finance reported on 29 September.
Key points
- Invitations have gone to a select group of institutional investors for the 14 October meeting.
- A leaked prospectus put Anthropic’s 2025 net loss at nearly $42 billion and projected costs of $518 billion over the next few years.
- Nearly 25% of 2025 revenue came from two customers.
Anthropic’s 14 October meeting in San Francisco
The invitations had gone out by the time Bloomberg reported the planned event on 1 October. The meeting is intended to give a select group of institutional investors an opportunity to question Anthropic’s senior executives.
The meeting forms part of Anthropic’s preparations for a potential listing. It brings prospective public-market investors into discussions with management as the company expands the computing infrastructure behind Claude, its alternative to OpenAI’s ChatGPT. Anthropic released Claude in 2023.
A valuation above $2 trillion remains a possibility rather than a price agreed with investors. The potential figure was reported on 29 September, before Bloomberg’s account of the planned meeting. The two reports concern different stages of the proposed flotation: a possible market valuation and a meeting with prospective buyers.
Anthropic’s $42 billion loss and $518 billion projection
A leaked prospectus put Anthropic’s net loss at nearly $42 billion in 2025 and projected costs of $518 billion over the next few years as the company expands its infrastructure and computing resources, Yahoo Finance reported. The loss describes a past year; the cost figure is a projection covering several years.
The prospectus also identified the absence of long-term client contracts as a source of income volatility. It said nearly 25% of Anthropic’s 2025 revenue came from two customers. That concentration places a substantial portion of the company’s reported sales with a small number of buyers.
An earlier AI Affairs report on Anthropic’s prospectus described a 12-fold rise in revenue alongside the 2025 loss. The revenue increase and the loss put separate figures before investors considering how much further Anthropic must spend as it expands.
Anthropic has arranged another source of infrastructure funding. Broadcom agreed to lend it up to $42 billion for chips, AI Affairs previously reported. The amount is an upper limit on that financing agreement, while the prospectus’s $518 billion figure is a projection of costs over the next few years.
The planned flotation also involves a decision about control. Anthropic is seeking 50.1% founder voting control ahead of its IPO, according to earlier AI Affairs reporting. Prospective shareholders would therefore be assessing the company’s proposed voting structure alongside its projected spending and reported customer concentration.
OpenAI seeks a $1.5 trillion valuation
OpenAI provides a comparison for the possible pricing of an AI company before it lists. It is targeting a $1.5 trillion valuation through a pre-IPO capital raise, Yahoo Finance reported. That figure is a target for a private financing round, rather than a public-market price.
Anthropic and OpenAI are also competing for users. Market intelligence firm Sensor Tower’s figures put Claude at 10% of website visits among leading AI platforms in March 2026. Google’s Gemini had 22%, while ChatGPT had 50%, down from 66% in July 2025.
OpenAI is expected to wait until early 2027 to go public.
