Valuation at $2 trillion! Anthropic may become the largest IPO in history, starting its roadshow in October and going public before the mid-term elections in November.

According to informed sources, Anthropic is expected to start its IPO roadshow as early as mid-October and complete its listing a few days before the U.S. midterm elections in November. Two sources indicated that the artificial intelligence company originally planned to make its IPO prospectus public as early as next week, a critical step in the final stage of this offering. The insiders also noted that the prospectus is now expected to be released in late September, while reminding that all plans, including the specific timeline, may still change. This adjustment has delayed some investors' expectations of a potential $2 trillion listing. This will be one of the largest IPOs in history and a significant test of the public market's appetite for the rapidly growing AI sector. Companies often adjust their IPO timelines while evaluating market conditions, regulatory reviews, and other preparatory work, so such changes are not uncommon. One insider stated that as part of the IPO process, Anthropic is looking to finalize a $15 billion revolving credit facility, after which analysts, including those from the banks participating in the financing, are expected to meet with the company. Media reports previously indicated that Anthropic is negotiating to expand this credit facility to $15 billion. The insider mentioned that companies typically allow several weeks between analyst meetings and the public release of the IPO prospectus, but they expect Anthropic's window to be tighter due to analysts already being very familiar with the company. Given investors' desire to position themselves in the rapidly growing AI market through the public markets, this offering is expected to become one of the most anticipated IPOs. It may proceed concurrently with potential listings of other AI companies, including OpenAI. Elon Musk's SpaceX went public in June with a record valuation of $1.77 trillion. According to insiders, banks such as Morgan Stanley, Goldman Sachs, JPMorgan, and Citigroup are working with Anthropic to advance this IPO.