Anthropic reportedly plans IPO prospectus release after Labor Day

Lyle Daly, The Motley Fool Thu, September 3, 2026 at 8:12 AM PDT | 4 min read

Anthropic, the developer of the Claude AI models, could be the biggest IPO of the year. Based on recent reports, that IPO might happen within weeks.

The AI start-up is planning to release its IPO prospectus after Labor Day and will target a public listing in late September or early October, according to a report from The Information. The news is exciting for those waiting to invest in Anthropic, but the most notable aspect is how the deal is reportedly structured.

How Anthropic Is Reportedly Structuring Its IPO

Several unique features have emerged in Anthropic's rumored IPO plans. Details leaked to The Information indicate the company may:

• Allow existing shareholders to sell shares as part of the IPO
• Implement lockup periods longer than the standard 180 days
• Require rank-and-file employees to sell shares through preset 10b5-1 plans, rather than during post-earnings windows

These moves would mark a departure from other IPOs this year, including Space Exploration Technologies (SpaceX) and Cerebras. Neither company allowed existing shareholders to sell as part of their IPOs, and both have tiered lockup periods in which tranches of shares hit the market periodically.

Anthropic may be considering this structure to avoid the volatility that occurred after SpaceX's IPO in June. The space stock soared to a high of $226 within days of going public, only to drop as low as $105 in the following weeks. The share price has since recovered to $141 as of Sept. 2, close to its IPO price of $135.

Longer lockup periods and scheduled, staggered selling provide more predictability for a recent IPO with a thin float.

Should You Invest in the Anthropic IPO?

While exciting, Anthropic looks like a risky investment that will almost certainly carry a hefty premium. Reports suggest it could be trying to raise at least $130 billion, which would put the overall company valuation north of $2 trillion. Without a public S-1 (it filed initially for public listing with a confidential report), it is impossible to get a complete picture of Anthropic's financials, but third parties have reported some information.

Analysts estimate that Anthropic posted its first-ever operating profit of about $559 million in the second quarter of 2026. It also reportedly had $10.9 billion in revenue that quarter, up from $4.8 billion in the first quarter. The company's annual run rate topped $65 billion at the end of July, up from about $9 billion at the end of 2025. The growth is extremely impressive, although it is important to note that annual run rate is an estimate of future revenue and can become inaccurate if growth stalls.

The AI company has reportedly lost about $10 billion to $15 billion total since 2021, which is not abnormal for a tech start-up. However, at a valuation of $2 trillion, it would be valued at about 30 times its annual run rate, making it an expensive stock to buy.

Investors may also have difficulty buying Anthropic at the IPO due to high demand. Even if you can buy shares, it is best to take a cautious approach given the risks involved. Alternatively, you could gain indirect exposure by investing in Amazon or Alphabet.