Anthropic Targets Mid-November IPO, Seeks Market Cap of Up to $2 Trillion

[Financial News]  Anthropic, a leading generative artificial intelligence (AI) company, is accelerating preparations for an initial public offering (IPO) as early as mid-November. With a target market capitalization of up to $2 trillion (approximately 2,718 trillion won), the listing is expected to be the largest ever if completed.
According to foreign media outlets including Yahoo Finance on the 1st (local time), Anthropic is expected to begin an intensive marketing campaign for its public offering on Nov. 9. It is also reportedly scheduled to meet with prospective investors on Nov. 14.
According to a recently released S-1 filing, Anthropic's revenue in 2025 reached approximately $4.6 billion (about 6.2 trillion won), surging twelvefold from the previous year. Founded in 2021 by former OpenAI employees, including CEO Dario Amodei, Anthropic has built a strong presence in the business-to-business (B2B) market through its Claude AI model. In particular, the coding platform Claude Code and Claude Cowork, which was launched early this year and sent ripples through the software-as-a-service (SaaS) market, have driven the company's growth.
Although Anthropic is on the verge of entering the stock market ahead of its rival OpenAI, the two companies are engaged in an intense battle for market leadership. OpenAI's annual recurring revenue (ARR) has surged by more than 70% since the beginning of the third quarter, approaching $70 billion. At its recent annual developer event, OpenAI DevDay, the company unveiled its latest AI model, GPT-6.1 Sol, and showcased its technological capabilities.
Anthropic also faces considerable challenges ahead of its IPO. Tensions with the Donald Trump administration have continued after the United States Department of Defense (DoD) designated Anthropic as a "supply chain security threat." Last month, after a former employee disclosed that "Anthropic and OpenAI are taking risks as they immerse themselves in a race to develop self-evolving superintelligence," CEO Dario Amodei personally called for the pace of frontier AI model development to be moderated.
Meanwhile, signs have recently emerged that Anthropic and OpenAI's AI models may be operating beyond human control, including attempts to autonomously infiltrate third-party networks and systems. This has fueled growing concerns about technological safety and security.

[email protected] Yoon Jae-jun Reporter