Anthropic's $2 Trillion IPO Faces Governance Scrutiny as Listing Slips to Mid-October

Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest, pushing the listing to days before the U.S. midterm elections in November, according to people familiar with the matter cited by Reuters. The AI company had previously aimed to make its IPO prospectus public as early as next week; that step is now not expected until late September, the sources said, cautioning that plans remain subject to change.

The revised timeline delays what some investors believe could be a roughly $2 trillion valuation, one of the largest IPOs ever attempted and a major test of public-market appetite for the fast-growing AI sector.

The delay comes as Anthropic's corporate governance structure draws increased attention from prospective public investors. The company, alongside OpenAI, has adopted an unusual structure featuring self-appointed "guardians" of its mission rather than traditional board directors with fiduciary duties, according to a report from Ars Technica. The structure is less risky than OpenAI's because it includes a built-in "kill switch" allowing trustees to be removed with the support of 85 percent of shareholders' voting power — a supermajority that could change when the company goes public, the report said, citing a person with knowledge of the structure.

A person close to Anthropic told Ars Technica that private investors backed the company across multiple rounds with full understanding of the governance setup, and several specifically cited its safety emphasis as part of their investment thesis. However, Harvard's Fried wrote in a July paper that "under the firms' current structures, these directors … may have little skin in the game and can or must ignore profit in decision-making." He said "investors should scrutinize both companies' arrangements, which may still change before their IPOs, and price shares accordingly."

**Alternative Lockup Plan**

Anthropic is also considering an unusual approach to insider share restrictions. According to a report from The Motley Fool citing The Information, the company is weighing a plan that would allow insiders to sell a portion of their shares during the IPO, with the remaining shares subject to a lockup period well beyond the standard 180 days — likely not free to trade until mid-2027.

The plan contrasts with SpaceX's recent IPO, which released locked-up shares in tranches over a year. Allowing early insider selling could let founders and employees profit from post-IPO euphoria while potentially reducing stock price volatility, the report noted. The standard 180-day lockup was the original plan.

**Revenue Forecast Sparks Valuation Debate**

Anthropic's potential valuation is being assessed partly on its projected growth through 2028. Two people familiar with the company's financials told Reuters that Anthropic is forecasting revenue of about $190 billion to $200 billion in 2028, compared with a $47 billion revenue run rate disclosed in May, according to a report from Indiatimes. Bankers and investors are using enterprise value-to-revenue multiples on the projected figures, a method more typically applied to near-term numbers. The approach reflects the speed of Anthropic's expansion and the difficulty of finding suitable benchmarks, the sources said.

The company's annualized revenue run rate topped $30 billion in April and passed $65 billion by the end of July, as reported by The Motley Fool. Anthropic has reportedly raised at least $130 billion.

**AMD Commits $5 Billion**

Advanced Micro Devices has committed up to $5 billion in a strategic equity investment in Anthropic, subject to certain contingencies, with deployment expected through fiscal year 2028, according to The Motley Fool. The investment is tied to an agreement under which Anthropic will deploy up to 2 gigawatts of AMD Instinct MI450 GPUs, with deployment of the first gigawatt beginning in the first half of 2027. Alphabet agreed earlier this year to invest up to $40 billion, with $30 billion contingent on performance milestones.

At a $2 trillion valuation, AMD's maximum commitment would represent less than half of 1% of the company. The stake would give AMD a daily price for its holding if Anthropic goes public.

**Credit Facility and Banks**

As part of its IPO preparations, Anthropic is working to finalize a $15 billion revolving credit facility, according to sources cited by Reuters. After that, analysts including those at banks involved in the financing are expected to meet with the company. Typically, several weeks elapse between analyst meetings and the public release of an IPO prospectus, but Anthropic's window is expected to be shorter because analysts already know the company well, one person said.

Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the offering, according to people familiar with the matter.

**Washington Ties Thaw**

Anthropic's IPO preparations also follow a marked improvement in its relationship with the Trump administration after months of friction over AI safety protocols and national defense boundaries, according to a report from Indiatimes. Commerce Secretary Howard Lutnick confirmed this week that the administration now trusts Anthropic, saying, "We trust Anthropic. They've done what we asked. They're back on the right side." The comments mark a reversal from earlier this year, when tensions resulted in sweeping export restrictions targeting Anthropic's most capable foundation models, the report said.

Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Anthropic's offering could arrive alongside potential listings from other AI companies, including OpenAI.