Anthropic weighs IPO timing and new model release ahead of public listing

Anthropic is now focusing on a pair of important choices as it prepares to enter public markets during 2026.

The first relates to the listing timetable, while the second involves a model release ahead of the investor roadshow. Both could influence how investors value what might become the biggest IPO on record.

Anthropic Targets November for IPO Window

According to a Wall Street Journal report, Anthropic is now planning a November IPO, which is later than the October timeline that investors had anticipated. Advisors have indicated that this shift will allow the company to present its third-quarter figures ahead of meetings with potential investors.

In a separate report, Reuters noted that the IPO might move beyond the November midterm elections. Meanwhile, the New York Times said Anthropic might make its offering documents public in a matter of weeks, though sources cautioned that these plans remain subject to change.

Meanwhile, worries about AI safety have caused a delay in a competitor’s timeline. OpenAI has removed any plans for a 2026 listing from its schedule, with Sam Altman describing such a move as ill-advised.

Astra Adds Urgency to Anthropic's Model Decision

Beyond the IPO schedule, three sources informed Reuters that Anthropic is considering the release of a new model following OpenAI’s launch of Astra on September 3. The decision includes a safety assessment.

This review comes alongside the argument that CEO Dario Amodei put forward last week in a 3,800-word essay called We Must Pace the Frontier.

“We must slow the pace at which we improve the capabilities of AI models,” he said.

OpenAI’s Astra has achieved notable enterprise adoption. According to Ramp, the model captured about 13% of enterprise AI spending, while Anthropic’s Claude Fable accounted for roughly 8%.

OpenRouter further reported that its users spent more on OpenAI than on Anthropic last week, a situation not seen in more than two years. Potential investors are now asking whether Anthropic’s grip on the enterprise AI market is weakening, after a prolonged period during which its dominance appeared secure.

Anthropic is anticipated to exceed $100 billion in annualized revenue by the end of the year, compared with $65 billion in July. That growth trajectory is being used by investors to support a valuation approaching $2 trillion.

However, investors who plan to participate in both IPOs have told Reuters that Astra has not eroded Anthropic’s advantage. Whether Anthropic releases a model ahead of the roadshow will signal to investors which side of the pacing debate the company is taking.