Anthropic Is Racing to Price Its IPO Before the Thanksgiving Dealmaking Freeze

Anthropic is getting ready for one of the biggest initial public offerings (IPOs) ever. An IPO is when a company sells its shares to the public for the first time. Anthropic's move could have a big effect on the stock market. Investors probably won't have to wait much longer for the IPO and all the excitement around it.

According to reports, Anthropic wants to start selling its shares to the public before Thanksgiving. The company hopes to do this before the unofficial break in major business deals that usually happens just before and after the holiday. The IPO could be delayed until early December, which is also a popular time for companies to go public. But current signs suggest Anthropic will hold its IPO in mid-November.

Could Anthropic have the biggest IPO ever?

In June, Space Exploration Technologies, also known as SpaceX, held its IPO. It first offered shares to the public for $135 each. At that price, the company was valued at $1.77 trillion. This made SpaceX's IPO the biggest in history. Some people had expected Anthropic to sell its shares at a price that would value the company at about $2 trillion. That would have broken SpaceX's record. But now, that seems less likely.

There have been some big ups and downs in the stock market recently. People are also worried that companies in the artificial intelligence (AI) industry may be valued too highly. Along with new information about how Anthropic's business is doing, these concerns have changed expectations. Many financial experts now think Anthropic will be worth about $1.5 trillion when it goes public. Some estimates say its value could be as low as $1.2 trillion at the time of its IPO.

According to an early draft of Anthropic's IPO document that was leaked, the company made about $16.3 billion in sales during the first six months of this year. That is a huge jump from the roughly $1.1 billion in sales it made during the same six months last year. This very fast growth shows that many more people and businesses want to use Anthropic's Claude AI software. Claude offers powerful tools that help people write computer code, study information, create content, and do other tasks. But there is also a major problem: Anthropic lost about $80.7 billion during the first half of 2026.

Investors were also careful about how they reacted to reports on Anthropic's results for the third quarter of the year. Those reports suggested that the company's sales grew by 45% compared with the previous quarter, reaching $16.8 billion. That is still extremely fast growth. However, some financial experts had expected sales to grow even faster because the company had done so well during the first half of the year.

Anthropic probably will not beat SpaceX's record for the biggest IPO. Even so, there is still a good chance that its move into the public stock market next month will go well. Anthropic is spending a lot of money on the powerful computing systems it needs to run its AI tools. It is also growing very quickly. Selling shares to the public will give the company a large amount of new money that it can use to keep growing.