Anthropic's Path to the Public Markets Just Got 2 New Developments

Anthropic is weighing two key decisions as the firm plans to debut in public markets this year. 

One concerns the timing of the listing, the other what it ships before the roadshow begins. Each decision may shape how investors price what could be the largest listing ever. 

Anthropic Sets a November IPO Window

The Wall Street Journal reported that Anthropic is targeting November, later than the October listing investors expected. Advisers say the delay lets Anthropic show third-quarter financials before it meets investors.

Reuters reported separately that the listing could slip past the November midterm elections.  Furthermore, according to the New York Times, Anthropic could release its offering documents publicly within weeks. The people also added that the plans could still change.

Concerns over AI safety have meanwhile pushed one rival’s plans back. OpenAI cleared the calendar this month, with Sam Altman ruling out a 2026 listing and calling the moment ill-advised.

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Astra Puts A Clock On The Second Decision

In addition to the IPO timing, three sources told Reuters that Anthropic is evaluating a new model after OpenAI released Astra on September 3. A safety review forms part of that decision.

The review sits against the case Chief Executive Dario Amodei made last week, in a 3,800-word essay titled We Must Pace the Frontier.

“We must slow the pace at which we improve the capabilities of AI models,” he said.

OpenAI’s Astra has seen strong enterprise adoption. The model took about 13% of enterprise AI spending tracked by Ramp. Claude Fable held roughly 8%.

OpenRouter also said its users spent more on OpenAI than Anthropic last week. That had not happened in over two years. Prospective backers want to know if Anthropic’s hold on enterprise AI is loosening, after a long stretch in which that position looked settled.

Meanwhile, Anthropic is expected to top $100 billion in annualized revenue by year’s end, against $65 billion in July. Investors are using that curve to argue for a valuation near $2 trillion.

However, investors who expect to buy into both offerings told Reuters that Astra has not dented Anthropic’s lead. Whether Anthropic ships a model before the roadshow will show investors which version of the pacing argument it is making.