Anthropic is reportedly pushing its initial public offering to November 2026, shifting from an earlier October window. The company has confidentially filed for an IPO with the US Securities and Exchange Commission. At the same time, the additional weeks would allow it to present third-quarter financial results and updated evidence of its competitive position following OpenAI's September launch of Astra.
Anthropic IPO Valuation, Revenue Growth and Nvidia Investment
The IPO could value Anthropic at around $ 2 trillion, with a potential raise of up to $ 100 billion. These remain reported targets rather than confirmed valuation or offering terms. Nvidia is also in talks to join the IPO as an anchor investor, potentially investing up to 10 billion dollars, separate from the up-to-10-billion-dollar investment Nvidia announced in November 2025 as part of a broader partnership.
Anthropic's commercial growth underpins the valuation talk. The company's own May funding announcement said its run-rate revenue had crossed 47 billion dollars, up from about 9 billion dollars at the end of 2025. By the end of July, the annualized revenue run rate had surpassed 65 billion dollars, while more recent reporting puts the potential year-end annualized run rate above 100 billion dollars, with some projections running as high as 120 billion dollars. Anthropic is also reportedly projecting revenue of roughly 190 billion to 200 billion dollars in 2028, a longer-term assumption that sits behind the valuation discussions. The growth is tied to enormous infrastructure spending. Anthropic has committed more than 100 billion dollars to AWS technologies over the next decade, securing up to 5 gigawatts of new capacity, while also expanding its Google TPU and Broadcom partnerships.
Reported potential IPO valuation; final terms have not been announced.
If Anthropic ultimately raises 100 billion dollars, the offering would surpass SpaceX's June IPO, which raised 75 billion dollars at a 1.77 trillion dollar valuation.
Gulf Investors' Exposure to Anthropic
Gulf investors are directly exposed to Anthropic's private market growth. The Qatar Investment Authority first invested in Anthropic in September 2025 and went on to participate in the Series G and Series H rounds, its own statement describing this as three consecutive rounds. Abu Dhabi's MGX co-led the Series G round and participated again in Series H. Alpha Wave, majority owned by Abu Dhabi's Judan Financial, also appears among Anthropic's backers. Research group Global SWF estimates that QIA, MGX and Alpha Wave committed close to $7.5 billion combined to Anthropic's earlier rounds, though it does not value those holdings today.
Anthropic and OpenAI Competition in Enterprise AI
The valuation also faces a real test. Reuters reports that OpenAI's newly launched Astra model has gained enterprise traction, accounting for about 13 percent of enterprise AI spending tracked by expense platform Ramp, compared with about 8 percent for Anthropic's Fable, and that OpenAI has, for the first time in more than two and a half years, pulled ahead of Anthropic in spending on the developer platform OpenRouter. Some prospective investors are reportedly reassessing Anthropic's lead in enterprise AI as a result, while others who expect to invest in both companies' IPOs say Astra does not yet pose a serious threat given Anthropic's revenue scale and the time it typically takes to unseat an incumbent enterprise vendor.
Anthropic and OpenAI IPO Plans Compared
OpenAI is in talks for new funding at a valuation above 1.2 trillion dollars while delaying its own listing to 2027. OpenAI expects negative free cash flow of 278 billion dollars between 2026 and 2030, against projected revenue growth from 36 billion dollars this year to 350 billion dollars in 2030. The contrasting timelines give GCC investors and asset managers another development to monitor as they assess listed AI and technology exposures into year-end.
AGIX and Anthropic ETF Exposure
For investors seeking listed exposure to the AI ecosystem, the KraneShares Public-Private AI & Technology ETF (AGIX) is particularly relevant because it invests in both publicly listed and private AI and technology companies. The fund's strategy covers AI hardware, infrastructure, and applications, while its private holdings include Anthropic. As of September 23, 2026, Anthropic was AGIX's largest private holding, representing 1.11% of the fund's net assets, with a market value of approximately $12.93 million.
As of September 23, 2026, AGIX had approximately $1.165 billion in net assets, a NAV of $48.04, and an expense ratio of 1.00%. Its NAV total return was 24.53% year-to-date through August 31, 2026. The ETF trades on Nasdaq.
Global ETFs offering exposure to Anthropic and OpenAI
Global ETF exposure to private AI developers is also expanding. AGIX provides private-market exposure to Anthropic, while Harbor Capital's ANTW and OAIW ETFs target companies linked to the Anthropic and OpenAI ecosystems, respectively. These ecosystem funds provide exposure to companies connected to the AI labs rather than necessarily holding the labs themselves. Other ETFs, including Alger 35 and selected ARK funds, have also disclosed exposure to Anthropic or OpenAI.
Bottom Line
Anthropic's potential November IPO would put its rapid revenue growth, $2 trillion valuation ambitions, and expanding Gulf investor exposure under greater public-market scrutiny. For GCC investors, the listing also adds another major AI milestone to track alongside OpenAI and the growing range of ETFs offering direct or ecosystem-based exposure to private AI companies.
