Anthropic is delaying its planned IPO, with the AI company now expected to start marketing the offering in mid-October at the earliest, according to people familiar with the matter. The listing could take place days before the US midterm elections in November.The AI giant is now expected to make its initial public offering prospectus public only in late September, rather than as early as next week as previously expected. The prospectus is an important step that would move the company into the final stages of its public offering.Anthropic could complete its listing days before the US midterm elections in November, the people said. However, the plans and timing could still change.

$2 trillion IPO in focus

The revised timeline pushes back an offering that some investors believe could value Anthropic at about $2 trillion.Such a listing would rank among the largest IPOs ever attempted and would also put public-market demand for the fast-growing AI industry in focus.The timing of an IPO can change as companies work through market conditions, regulatory reviews and other preparations, so the delay is not unusual.Anthropic is also expected to be among a group of AI companies attracting investor attention as they consider public listings. Potential listings from companies including OpenAI could come around the same period.Elon Musk’s SpaceX went public in June at a record $1.77 trillion valuation.

Company looks to finalise $15 billion credit facility

Another part of Anthropic’s preparations is a $15 billion revolving credit facility.The company is looking to finalise the facility before analysts, including those at banks involved in the financing, meet with Anthropic, one of the people said. Bloomberg had earlier reported that Anthropic was in talks to expand the facility to $15 billion.Analyst meetings normally take place several weeks before an IPO prospectus is made public. Anthropic is expected to have a shorter gap because analysts already know the company well, the person said.Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter.

Revenue forecast stretches to 2028

The potential valuation is being assessed not only on Anthropic’s current performance but also on its expected growth over the next few years.Two people familiar with Anthropic’s financials portfolio told Reuters that the company is forecasting revenue of about $190 billion to $200 billion in 2028.That compares with the $47 billion revenue run rate the company disclosed in May.Bankers and investors are using enterprise value-to-revenue multiples on the projected figures to work out how much the company could be worth. These multiples are commonly used for fast-growing software companies that have not yet reached a mature profit profile.Using revenue estimates two years into the future is less usual. People familiar with the process said this reflects the speed of Anthropic’s expansion and the difficulty of finding suitable benchmarks for a company that is still putting large sums into AI infrastructure.

Washington ties show signs of thaw

Anthropic’s IPO preparations also come after a major improvement in its relationship with the Trump administration.The company had faced months of friction with the administration over AI safety protocols and national defence boundaries. Commerce Secretary Howard Lutnick confirmed this week that the administration now trusts Anthropic.Asked by Axios whether he had confidence in Anthropic CEO Dario Amodei, Lutnick said, “We trust Anthropic. They’ve done what we asked. They’re back on the right side. So the answer is: Yes,”The comments mark a major reversal from earlier this year, when tensions resulted in sweeping export restrictions targeting Anthropic’s most capable foundation models.Personal friction between senior officials and corporate leaders had also added to the clashes and pushed Anthropic away from executive favour.Anthropic’s potential public debut will therefore come as the company prepares for a major transition in the markets, with investors looking at its long-term revenue expectations, while its relationship with the US administration has also moved from months of conflict towards closer ties.