Anthropic‘s early meetings with prospective investors ahead of its potentially historic IPO have been high-level and have not included discussions about specific financials or a valuation, sources told CNBC’s David Faber.
The artificial intelligence company confidentially filed its prospectus with the Securities and Exchange Commission in June, setting the stage for its highly-anticipated public markets debut. The company has not disclosed an official timeline for when it plans to IPO, but it has been holding preliminary meetings to test the waters with some investors in recent weeks.
Anthropic CFO Krishna Rao is leading the meetings, the people said.
In those meetings, Anthropic has discussed big-picture topics like its family of Claude AI models, how the company developed its popular coding assistant Claude Code, its position in the enterprise market, its management and the number of releases it has executed, the people said.
A representative for Anthropic did not immediately respond to CNBC’s request for comment.
Anthropic was founded in 2021 by a group of researchers and executives who defected from OpenAI, now the company’s chief rival. In late May, Anthropic closed a funding round at a$965 billion valuation, topping OpenAI, which was valued at $852 billion in late March.
The company is best known for its cutting-edge Claude models, and it’s found success selling its technology to large enterprises— a fiercely competitive market for AI developers. Anthropic said in May that its run-rate revenue crossed $47 billion, up from the roughly $10 billion in revenue that it generated in all of 2025.
Because of its anticipated run rate, some Anthropic investors expect that the company could seek a valuation of $2 trillion or more, according to two sources familiar with the matter. But that number is based on their own analyses and is not a figure that is coming from Anthropic, the sources said.
The Financial Times was first to report that investors were floating the $2 trillion expectation.
OpenAI is also gearing up for a potentially massive IPO. The company confidentially filed its prospectus with regulators shortly after Anthropic did, but as of late June, it had not held pre-IPO meetings or outlined an official timeline for the listing, as CNBC previously reported.
Elon Musk’s SpaceX, which acquired his AI startup xAI earlier this year, made a record-breaking debut on the Nasdaq in June. The stock has had a volatile first two months of trading, and is off roughly 38% from its intra-day high.
—CNBC’s Kate Rooney contributed to this report
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