Anthropic has officially pushed back the release of its IPO prospectus from early September to late September 2026. The roadshow presentations aimed at pitching prospective investors have also been delayed to mid-October. This timeline shift means the entire public offering could wrap up just days ahead of the US midterm elections in November.
Amid the scheduling delays, market expectations continue to surge. Several investors estimate that the IPO valuation for the Claude AI maker could reach $2 trillion. If realized, Anthropic’s move would go down as one of the largest initial public offerings ever attempted in the capital markets.
To date, the company has not officially confirmed the final valuation figure, the number of shares to be issued, the total offering size, or the exact listing date. However, technical preparations are moving forward with Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup tapped as underwriters.
Warning Signs from the Futures Market
In sharp contrast to trillion-dollar valuation expectations, early market reactions across digital asset exchanges have been lukewarm. Anthropic’s pre-IPO perpetual futures contracts dropped by up to 9% following their debuts on Coinbase and Binance trading platforms.
The decline in derivative prices prompted Coinbase to issue a specific warning. The exchange reminded traders that the final IPO listing price could diverge by as much as 25% from currently traded futures contract levels.
Competition for public capital is also set to be fierce. Anthropic had already filed confidential IPO paperwork with the US Securities and Exchange Commission (SEC) in early 2026. Its chief rival, OpenAI, made a similar move with a filing in June 2026. Both artificial intelligence giants could hit public markets at almost the exact same time.
The Server Costs Behind a $2 Trillion Valuation
The $2 trillion target represents a massive jump from where the company stood just seven months ago. In its February 2026 Series G funding round, Anthropic’s post-money valuation was pegged at $380 billion following a round led by GIC and Coatue.
Surging operational capital requirements explain the aggressive push for valuation. The company is now in the final stages of closing a $15 billion revolving credit facility to support its operations.
The bulk of that debt financing will be allocated to compute infrastructure spending. Anthropic’s spending breakdown reveals just how expensive running a modern AI enterprise is. The company has proposed a $10 billion compute capacity lease from Meta’s Prometheus data center in Ohio.
That contract is only a fraction of the total. Anthropic has also locked in a $35 billion infrastructure deal with Lambda in Texas, alongside $45 billion with compute provider Nscale in West Virginia.
Total server leasing commitments have reached $90 billion. For prospective IPO investors, the bet is not merely on how well Claude matches up against ChatGPT, but whether the AI engine can generate enough cash to pay off mounting compute bills.
Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
