Anthropic plans 2026 IPO, eyes $965B valuation
Serge Bulaev
Anthropic plans to go public by the end of 2026 and has started meeting with investors, according to several financial sources. The company may be valued above $965 billion, but this number is still uncertain and depends on upcoming investor interest and market conditions. Anthropic is in early talks with Samsung about making a new chip, but no final decisions have been made yet. Experts say these moves might help the company manage supply risks, but there are concerns that some investment practices could make the company look more valuable than it really is. Whether Anthropic reaches a trillion-dollar value may depend on how much interest investors show in the coming months.
Anthropic is targeting a 2026 IPO that could position it as one of the largest tech listings in history. The AI company has begun investor meetings for a potential Nasdaq debut as early as October 2026, following a confidential filing with the U.S. Securities and Exchange Commission on June 1, 2026.
IPO Timetable and Valuation Targets
Anthropic is pursuing an IPO by late 2026, targeting a valuation exceeding its $965 billion private round mark. According to industry reports, the offering could raise substantial capital, setting the stage for a landmark public debut for a frontier AI company.
A banking syndicate led by Morgan Stanley, Goldman Sachs, and JPMorgan Chase is arranging an offering to raise over $60 billion. Anthropic's post-money valuation reached $965 billion following its May 2026 Series H round, and the IPO could value the company above this amount. The primary Bloomberg report on the bank selection was published on June 3, 2026. Advisors note that both the timeline and valuation are provisional as the company is still in the early 'testing the waters' phase.
Rival lab OpenAI, which filed its draft registration just before Anthropic, is reportedly considering different timing for its IPO. This potential difference in approach could make Anthropic the first frontier AI company to go public, a milestone that would likely set a valuation benchmark for the entire sector.
Strategic Hardware Talks with Samsung
According to industry reports, Anthropic is in exploratory talks with Samsung to develop a custom AI accelerator. This proprietary chip would supplement, not replace, its existing hardware from Nvidia, Google, and Amazon. Sources indicate no final design decisions have been made, with initial samples still in development phases.
Analysts interpret this as a strategic move to hedge against supply chain risks, not a complete hardware pivot. This aligns with a broader industry trend where top AI firms seek custom silicon to reduce long-term costs and increase efficiency.
Key Milestones for a Potential October 2026 IPO
Anthropic is targeting a listing as early as October 2026, but no specific IPO date, share count, or price range has been set. The timeline is contingent on SEC review progress and market conditions, and the specific dates for the S-1 release and roadshow are not confirmed in sources.
Competitive Landscape and Market Context
Anthropic's timeline suggests confidence in investor demand for AI companies with both advanced models and diverse computing infrastructure. However, its valuation faces scrutiny over 'circular' investment practices, where hardware suppliers invest in AI labs that then become major customers. Critics argue this can artificially inflate valuations and obscure underlying cash flow issues.
The recent successful IPO of chip designer Cerebras, which saw its stock double, signals strong market appetite for AI infrastructure. Still, whether this investor enthusiasm will propel Anthropic to a trillion-dollar valuation hinges on the outcome of its summer investor meetings and formal fall roadshow.
When is Anthropic planning to go public?
Anthropic is targeting an IPO as soon as October 2026, with preparations already underway. The company filed a confidential draft registration with the SEC on June 1, 2026, and is currently in the "testing the waters" phase - scheduling investor meetings with Morgan Stanley, Goldman Sachs, and JPMorgan Chase to gauge institutional appetite. If market conditions hold steady, the formal roadshow would kick off in early autumn, potentially positioning Anthropic to list on Nasdaq before rival OpenAI.
What valuation is Anthropic targeting for its IPO?
The company is eyeing a valuation above $1 trillion - significantly higher than the $965 billion figure reported in May 2026. This would make Anthropic one of the largest IPOs in history, with bankers expecting the company to raise substantial capital. The escalating valuation reflects strong investor appetite for frontier AI companies, though the timeline and pricing remain subject to SEC assessment and market conditions.
How does Anthropic's IPO timeline compare to OpenAI's?
Anthropic's accelerated approach contrasts with OpenAI's strategy. According to industry reports, both companies filed confidential draft registrations in similar timeframes, but OpenAI is reportedly considering different timing to navigate market conditions and secure its valuation targets. This divergence highlights different risk tolerances: Anthropic is pushing forward despite market uncertainty, while OpenAI appears more cautious about timing.
What is the status of Anthropic's custom chip partnership with Samsung?
According to industry reports, Anthropic and Samsung remain in early-stage discussions - no partnership has been finalized. The discussions center on Samsung potentially manufacturing a custom AI chip using advanced process technology, but Anthropic has not yet decided the chip's purpose, power level, or server integration. The company explicitly stated this effort will not replace existing partnerships with Amazon (Trainium), Google (TPUs), and Nvidia (GPUs), which remain central to operations. Anthropic hired Clive Chan, a former OpenAI chip team member, in June 2026 to lead this initiative, with development timelines still being determined.
Why do custom chips matter for AI company IPO valuations?
Custom silicon has become a critical valuation driver for frontier AI companies seeking public listings, though the benefits come with significant complexity:
| Factor | Impact on Valuation |
|---|---|
| Cost reduction | Custom chips offer better performance per watt, enabling higher margins that support high valuations |
| Strategic independence | Reducing significant Nvidia dependency creates a defensible moat investors view as a key differentiator |
| Circular deal risk | Chip vendors investing in labs that then buy their chips may inflate valuations without proven profitability |
The market is currently testing whether these hardware strategies create sustainable value or inflated bubbles. Traditional valuation tools like DCF models struggle with frontier labs that consume substantial cash, forcing reliance on revenue multiples and strategic-stake comparisons that can prove volatile.