Anthropic picks Nasdaq for IPO with $2 trillion target valuation

US AI company Anthropic has chosen Nasdaq as the potential listing venue for its initial public offering, with a roadshow expected to start in October 2026 and a target valuation of about $2 trillion. The New York Stock Exchange is also a backup option.

Anthropic confidentially filed its S-1 draft registration with the US Securities and Exchange Commission on June 1, officially starting the listing review process. The company plans to begin its roadshow in mid-October 2026 and aims to list before the US midterm elections in November. Goldman Sachs, JPMorgan and Morgan Stanley will serve as lead underwriters.

At a $2 trillion valuation, the IPO would surpass SpaceX's $1.77 trillion record and become the largest ever. Anthropic's annualized revenue reached $65 billion in July, up 130 times from $500 million in September 2025.

Some analysts say Anthropic needs to reach $190 billion to $200 billion in revenue by 2028 and keep adjusted operating margin above 5% to justify that valuation.