Anthropic Targets November IPO at $2 Trillion Valuation as Nvidia Weighs $10 Billion Stake

Since Jacob Coxon quit Anthropic on September 8 warning the company was "racing straight to self-improving superintelligence," the company has kept moving toward one of the largest stock offerings in history.

The Wall Street Journal reported this week that Anthropic has pushed its IPO target from October to November. People familiar with the preparations told the paper the extra weeks let Anthropic present third-quarter financial results to investors before shares price. Reuters separately reported the listing could land just before November's U.S. midterm elections, though two people familiar with the matter told Reuters the election timing isn't expected to change the outcome much.

The Numbers Bankers Are Pitching

The New York Times, citing people with direct knowledge, reported Anthropic's annualized revenue run rate has now crossed $100 billion. That's up from roughly $65 billion at the end of July and just $9 billion at the end of 2025, according to figures Bloomberg and Reuters have both reported.

Dealroom reported Anthropic told a small group of shareholders directly that adjusted operating income will be positive for a second consecutive quarter, a metric that strips out stock-based compensation. Two people told Dealroom gross margins exceed 80% before revenue Anthropic shares with distributors like Amazon and before it accounts for model-training costs.

SemiAnalysis's Joey Brookhart told Dealroom that investors are forecasting close to $120 billion in annualized revenue by the end of 2026, and nearly triple that by the end of 2027. Dealroom's own reporting flagged the limits of that picture: there's no independent audit of the "adjusted" profit figure or of the methodology behind the $2 trillion valuation talk, and the margin figures exclude training costs and partner revenue splits.

Bankers are reportedly discussing a valuation near $2 trillion and a raise as high as $100 billion, according to the Journal and separately confirmed by Crypto.news and Crypto Times. If those numbers hold, the deal would top SpaceX's $1.77 trillion valuation and $85.7 billion raise at its June debut, according to reporting from Value Add VC.

Nvidia Wants In, and It's Already the Supplier

Bloomberg reported on September 11, citing Reuters' sourcing, that Nvidia is in talks to invest as much as $10 billion in Anthropic's IPO as an anchor investor. The relationship isn't new: Nvidia announced in November 2025 it would invest up to $10 billion in Anthropic as part of a deal under which Anthropic agreed to buy $30 billion of Microsoft Azure computing capacity built on Nvidia chips.

That structure presents a question. Nvidia would be both Anthropic's chip supplier and, potentially, a public shareholder benefiting if Anthropic's valuation holds. Value Add VC's reporting noted Anthropic would be the fourth company in a pattern where Nvidia invests in firms preparing to list that then spend much of their raised capital buying Nvidia systems, making it harder for outside investors to separate genuine customer demand from vendor-financed revenue. The talks remain preliminary and terms could change, according to that reporting.

The Competitive Backdrop

Crypto.news reported that Anthropic's run rate still exceeds OpenAI's reported $40 billion figure from July, even as OpenAI's GPT-6 Astra gains enterprise traction. Data tracked by Ramp and cited by Reuters put Astra at about 13% of enterprise AI spending versus 8% for Claude Fable, prompting Reuters to report Anthropic is weighing another model release to compete.

This unfolds against the same safety debate previously reported: alignment science lead Evan Hubinger's public statement that Anthropic "does not yet have a plan to solve alignment for superintelligence," and CEO Dario Amodei's essay calling for the industry to slow capability gains. Crypto Times reported that people familiar with Anthropic's IPO timing said the November target was set before Coxon's resignation intensified the public debate, and that the company's advisers argue a slower release cadence wouldn't meaningfully hurt near-term financial prospects because Anthropic can still monetize models already deployed.

Circle CEO Jeremy Allaire posted support for the listing on X, arguing that going public gives Anthropic stronger disclosure and governance obligations.

No public S-1 registration statement has surfaced yet. Until Anthropic files, the exchange, ticker, underwriters, share count and final valuation remain unconfirmed, and investor meetings in the coming weeks will determine whether the $2 trillion figure bankers are floating survives contact with actual demand.