⚡IPO Brief⚡ Anthropic's IPO prospectus is now expected in late September, with formal marketing starting mid-October at the earliest and a listing potentially landing days before the US midterm elections in November, Reuters reported on September 4. Some investors have discussed a listing valuation of around $2 trillion. Anthropic has not announced timing, valuation or any terms, and the plans remain subject to change. The delay is about sequence. Anthropic is finalising a roughly $15 billion revolving credit facility — a pre-approved bank credit line a company can draw on and repay as needed. That is borrowing capacity, not equity funding, and it does not affect the valuation. Only once it closes do analysts at the underwriting banks meet the company; only after those meetings does the prospectus go public. And under US rules, the public S-1 must be filed at least 15 days before the roadshow. Four steps, each gating the next, so a week's slip early pushes everything behind it. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are underwriting the offering. The pricing history: Anthropic was valued at $380 billion in February 2026. In late May it closed its Series H, raising $65 billion in a single round at a $965 billion post-money valuation — more than double, in three months. It then confidentially submitted a draft S-1 to the SEC on June 1, announcing the submission the same day, though the share count and price remain unset. Behind those numbers is revenue growth. Anthropic's annualised revenue run rate has reportedly climbed from roughly $9 billion at the end of 2025 to about $47 billion in May and above $65 billion by late July. The $2 trillion conversation rests on projections of 2028 revenue, not on any completed public pricing. The real dividing line is the day the public S-1 lands on SEC EDGAR. Until then, every figure comes from models and secondhand reporting. After it, there are audited financials to check them against. Source: Reuters / Bloomberg / Fortune, 2026-09-04