The San Francisco-based artificial intelligence (AI) lab is barrelling towards a highly anticipated initial public offering where it is expected to seek a US$2 trillion valuation, beating SpaceX’s record-setting US$1.8 trillion valuation when it debuted in June.

Anthropic is reportedly aiming to hold its IPO in November, after the US midterm elections.

The company held a private meeting on Wednesday with investors at its headquarters in San Francisco, according to the Financial Times and Bloomberg which reported details from the meeting.

An investor presentation included updates about the company’s finances which were calculated on an adjusted basis -– a method commonly used by companies that excludes certain costs.

Anthropic told investors it was free cash flow positive and had an 11% operating margin, both adjusted, in the third quarter.

However, the company also recorded a net loss of US$42 billion last year and believes it is going after a US$30 trillion market, according to previous reports.

Its annualized revenue reached US$65 billion earlier this year, a figure which could reach US$100 billion by the end of 2026, according to the New York Times.

That eclipses its main rival, OpenAI, whose annualized revenue is US$50 billion, Axios reported last week.

While annualized revenue numbers attempt to project a company’s future revenue based on sales, the two companies use different methods to calculate the figures, making direct comparisons difficult.

Anthropic develops AI models and products under its flagship product known as Claude.

OpenAI likewise makes the popular AI chatbot known as ChatGPT, and has pushed its own IPO out till 2027.