Anthropic Preps for Blockbuster Public Listing

**SPEAKER_1** (0:02)
Bloomberg Audio Studios, podcasts, radio, news. Bloomberg Tech is live from the heart of Silicon Valley with Ed Ludlow in San Francisco.

**Ed Ludlow** (0:23)
This is Bloomberg Tech. Coming up, Bloomberg reports Anthropic expects to match or top. The size of SpaceX's record-setting IPO. Plus, sources say Broadcom is in talks to raise more than $60 billion in debt for an AI chip financing deal that will benefit Anthropic and others. And all eyes on Nvidia. Reporting earnings next week, a lot of pressure on it.
Let's get right to our top story. Anthropic is aiming for an IPO that could make history. The company expects to match or even top SpaceX's record-setting debut, which in the first instance raised $75 billion.
That's according to sources. The maker of Claude could file publicly as soon as the end of this month. Bloomberg's Shreen Ghaffari leads coverage of Anthropic, and Bloomberg's Liana Baker leads the deals team here at Bloomberg. Both join us with more. Shreen, I'm going to start with you. The basic details of what we're reporting here.

**Shreen Ghaffari** (1:15)
Sure. So we know that Anthropic is expecting to have an IPO that could matric seed the size of SpaceX's record-setting IPO quite recently.
We also know, we found out a few more details about their losses, that their net losses in 2025 were nearly 42 billion and that's a five-fold increase from 2024 So that's going to be one of the key questions going into this, right? There's this large IPO plan, a lot of excitement around the AI demand, but also questions around the very high cost needed to sustain this business.

**Ed Ludlow** (1:57)
Liana, there's a process happening here, right? In our report, we say that CFO Krishna Rao is leading these earlier investor meetings. There's a confidential filing, a public filing will follow. This is your team's bread and butter, right? Take us inside what we know is happening behind the scenes.

**Liana Baker** (2:14)
Sure. So the story mentioned the CFO who's speaking with investors. It didn't mention the armies of investment bankers who are also there in the room, or even behind the scenes trying to start to do early book building of who will be the investors that get in on this deal. These fees eventually do get paid to the banks, and it all comes down to how much does this IPO raise and at what valuation. That's another question. So you mentioned that Anthropic had been valued at $965 billion.
So in an IPO, do they get to $1 trillion, do they get to $1.5, $2 trillion? So those are all things that the bankers and the lawyers and the company, they have to figure this out, to figure out the support from investors at what valuation can support this deal. But it's really exciting for the IPO market, which always opens after Labor Day. And we'll be following when this S1 finally hits and we'll get a look at all the financials for the first time. Right.

**Ed Ludlow** (3:12)
Anthropic should have a lot of cash on its balance sheet. And so the question is, why do a big IPO? And Shereen, you spoke on stage, right, with Daniela Moday, the president, co-founder of Anthropic in June. And you just put this question very directly, why an IPO?
What was the response at that time?

**Shreen Ghaffari** (3:32)
Yeah, an IPO offers a repeatable process to raise large amounts of capital. Again, if you think about the incredibly high cost of compute, to train a new AI model at the cutting edge these days can cost billions of dollars just for one model alone potentially. So that's just sort of the state of play right now. So her answer was that we need to be able to raise money when we need, and IPO provides that process.

**Ed Ludlow** (3:58)
Liana, I do want to get into the process.
I went back and checked my calendar. From the time SpaceX flipped its S1 public to IPO day, it was about 23 days, and I have a bit of shell shock from that period of time. I'm sure you and the team do as well of how it transpired. But it happened very quickly. So we're reporting that Anthropic might flip its S1 public by the end of this month, September. What happens? How does it happen?

**Liana Baker** (4:26)
Sure. So you mentioned that Anthropic is already on file confidentially. So all they have to do is get their ducks in a row to make this public with the SEC.
And if they want to get on the road show, to get on the road after this Labor Day period, you know, analysts are saying this filing could hit as soon as next week. We haven't reported on a specific timing. We said it could be within a few weeks, but it wouldn't be crazy to see this next week, because as you mentioned, you have 10, 15 days, maximum 23 days. You know, this all happens very fast. And IPOs are all about the market conditions. So SpaceX, sure, it's trading a little below its price, but it's still a massive company that went public. It's trading okay. It wasn't a total disaster. So if you're another company waiting in the wings to go public, you see that and you say, well, maybe we should strike when the iron's hot. And then don't forget also, OpenAI is also keeping an eye on this. So Anthropic has that to think about too.