Anthropic's IPO could challenge SpaceX's record $86.2 billion raise

Anthropic is considering an IPO that could rival SpaceX's record-breaking $86.2 billion raise from June, with Wall Street debating whether the AI company can top it in cash, valuation, or narrative impact. Anthropic's valuation has surged from $61.5 billion in early 2025 to $965 billion by May, after raising $65 billion in a Series H round backed by Amazon and chip makers. Its annualized revenue run rate jumped from $9 billion to $65 billion by July, driven by enterprise demand for Claude API products. The company has filed a confidential S-1 and may list this fall, with rumors of a $2 trillion valuation. However, surpassing SpaceX's cash raise would require significant dilution, and analysts advise waiting for the public S-1 to assess recurring revenue before investing.