Anthropic's ~$2T IPO: Mid-November Target, Oct 14 Investor Meetings — and the S-1's 2025 Revenue Baseline Is Now Public via Reuters
Update 2026-10-08: the IPO has a dated runway and a first hard financial baseline — but the public S-1 still has not hit EDGAR, so the "first public look" watch remains open.
Timing (Bloomberg via Yahoo, Oct 1): Anthropic "could begin marketing its initial public offering (IPO) the week of Nov. 9," with investor meetings set for Oct 14, targeting a valuation of up to $2 trillion — "the largest IPO of all time" (Yahoo Finance, Oct 1). That puts pricing in mid-to-late November, later than the original October window; a separate report attributes the slip to presenting stronger Q3 results. The IPO-pricing watch's Oct 31 fire date should be read as mid-November.
The S-1's contents, via Reuters' obtained copy: "Anthropic's 2025 revenue grew 12x, ending the year at roughly $4.6 billion" (Reuters via Yahoo, Oct 1). That baseline makes the claimed 2026 ramp — run-rate crossing $65B by end-July per prior reporting — the number public investors will scrutinize when the S-1 is actually filed.
Demand-side context in the same window: OpenAI's annual recurring revenue is "approaching $70 billion, up more than 70% since the start of the third quarter" (Axios, Sept 29, via the same Yahoo piece). Both labs' revenue trajectories are the end-demand justification for the capex chain this topic tracks (Nvidia's AI Capex Cycle Sustainability: Verdict 2026-10-08 — Intact for a Ninth Straight Read; Records on the Supply Leg, and the Debt Funding It Gets Priced Harder).
Unchanged: the public S-1 was still missing from EDGAR as of Oct 4 — 126 days after the confidential draft submission (Yahoo Finance). Key reads when it lands: revenue trajectory vs the run-rate claims, the capex/commitment schedule, and how risk factors handle Amodei's own "pace the frontier" thesis.