The SpaceX Benchmark
Unnamed sources indicate Anthropic expects its IPO to reach or surpass SpaceX’s initial sale, which previously raised $75 billion before increasing to $86.2 billion with an overallotment option.
Anthropic is currently finalizing its figures and anticipates filing publicly for its IPO as early as the end of August.
Inside the Confidential Filing
The company confirmed on June 1 that it confidentially filed a draft registration statement with the SEC. That filing gives Anthropic the option to go public once the SEC completes its review.
Anthropic has noted that the proposed offering depends on market conditions and other factors. Discussions remain ongoing, and final IPO details could still change before anything becomes official.
How the Valuation Got Here
Anthropic became the world’s most valuable AI startup in May, securing a $965 billion post-money valuation after a $65 billion Series H funding round. Before that, a February Series G round raised $30 billion, valuing the company at $380 billion.
- February 2026 (Series G): $30 billion raised, $380 billion valuation
- May 2026 (Series H): $65 billion raised, $965 billion valuation
Revenue Numbers Behind the Ambition
Anthropic told potential investors its second quarter revenue increased more than 14 fold compared to the same period in 2025, according to a report on August 14. The company reported preliminary Q2 revenue exceeding $11.5 billion, compared to $787 million during the second quarter of last year.
California’s Outsized Share of 2026 Venture Capital
California startups have drawn approximately $366 billion in venture capital this year, with Anthropic and OpenAI accounting for half of that total on their own. That figure nearly doubles California’s previous record from last year and triples the venture capital funneled into the other 49 states combined.
Where 2026 IPO Volume Stands
Bloomberg’s report suggests Anthropic’s IPO could push 2026 into record territory for U.S. IPO volume. The current record, set in 2021, stands at $195.2 billion. As of August 19, this year’s total U.S. IPO volume sits at $160.6 billion, meaning Anthropic alone could close much of that remaining gap.
Hashlytics Take
The SpaceX comparison is doing a lot of work here, and it’s worth being clear about what it actually signals. SpaceX’s valuation reflects decades of hard infrastructure, satellites, launch vehicles, government contracts that are extremely difficult to replicate. Anthropic’s number reflects a 14 fold revenue jump in a market where enterprise AI spending is still being tested for durability. Both can be historically large IPOs. Only one of them is being priced against physical assets that don’t disappear if the market’s appetite for the underlying product cools.
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