Anthropic, the developer of the Claude AI models, could be the biggest IPO of the year. Based on recent reports, that IPO might happen within weeks.
The AI start-up is planning to release its IPO prospectus after Labor Day and will be targeting a public listing in late September or early October, according to a report from The Information. It's exciting news for those who have been waiting for an opportunity to invest in Anthropic, but what's most interesting is how the deal is reportedly structured.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
There are a few unique wrinkles in Anthropic's rumored IPO plans. Details leaked to The Information indicate it might allow existing shareholders to sell shares as part of the IPO, and it's also weighing the idea of lockup periods longer than the standard 180 days. In addition, it may require rank-and-file employees to sell shares through preset 10b5-1 plans instead of during post-earnings windows.
All these moves would be a departure from other IPOs this year, including Space Exploration Technologies, also known as SpaceX, and Cerebras. Neither allowed existing shareholders to sell as part of the IPO, and both have tiered lockup periods in which tranches of shares hit the market periodically.
Anthropic may be considering this structure to avoid the volatility that occurred after SpaceX's IPO in June. The space stock soared to a high of $226 within days of going public, only to drop as low as $105 in the following weeks. The share price has since recovered to $141 as of Sept. 2, close to the price of its IPO ($135).
Longer lockup periods and scheduled, staggered selling provide more predictability for a recent IPO with a thin float.
While exciting, Anthropic looks like a risky investment that will almost certainly carry a hefty premium. Reports suggest it could be trying to raise at least $130 billion, which would put the overall company valuation north of $2 trillion. Without a public S-1 (it filed initially for public listing with a confidential report), it's impossible to get a complete picture of Anthropic's financials, but third parties have reported some information.
Analysts estimate that Anthropic posted its first-ever operating profit of about $559 million in the second quarter of 2026. It also reportedly had $10.9 billion in revenue that quarter, up from $4.8 billion in the first quarter. The company's annual run rate topped $65 billion at the end of July, up from about $9 billion at the end of 2025. The growth is extremely impressive, although it's important to note that annual run rate is an estimate of future revenue and can end up being inaccurate if growth stalls.
The AI company has reportedly lost about $10 billion to $15 billion total since 2021, which isn't abnormal for a tech start-up. However, at a valuation of $2 trillion, it would be valued at about 30 times its annual run rate, making it an expensive stock to buy.
Investors may also have a hard time buying Anthropic at the IPO due to high demand. Even if you can buy shares, it's best to take a cautious approach given the risks involved. Alternatively, you could get indirect exposure by investing in Amazon or Alphabet, two companies set to benefit from the Anthropic IPO. Each owns a stake in the AI start-up. For direct exposure, retail investors will need to wait until the IPO, which probably isn't that far away.
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you'd invested $5,000 then, you'd be sitting on $2,913,839 today.*
Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It's a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast.
*Stock Advisor returns as of August 3, 2026
Lyle Daly has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool has a disclosure policy.
Anthropic Is Reportedly Planning to Unveil IPO Prospectus After Labor Day was originally published by The Motley Fool