Anthropic Eyes AI Model Release Ahead of Potential $2 Trillion November IPO

Key Highlights

• Anthropic contemplates unveiling a fresh AI model amid OpenAI’s expanding enterprise market share.
• A November IPO remains on the table, potentially valuing the company close to $2 trillion.
• By late July, Anthropic’s annualized revenue run rate surpassed $65 billion.
• OpenAI’s GPT-6 Astra has captured significant traction in corporate AI expenditure and developer adoption.
• The company faces strategic tension between accelerated product launches and CEO Dario Amodei’s advocacy for measured AI advancement.

Anthropic finds itself at a crossroads, deliberating the release of a cutting-edge artificial intelligence model while navigating intensifying rivalry with OpenAI and gearing up for a potential stock market entrance.

According to Reuters, the company is reassessing its timeline for launching a new model in response to OpenAI’s September 3 debut of GPT-6 Astra.

This strategic consideration arrives as Anthropic lays groundwork for a possible public market debut. Additional reports suggest the AI developer may aim for a November timeframe to go public.

Discussions around the offering indicate a potential company valuation approaching $2 trillion, with capital raising targets reaching $100 billion. However, these numbers remain under negotiation.

OpenAI’s GPT-6 Astra Captures Market Share

Since launching, OpenAI’s GPT-6 Astra has demonstrated strong momentum within the enterprise sector.

According to corporate spending analytics from Ramp, Astra captured approximately 13% of tracked enterprise AI expenditures. In comparison, Anthropic’s Claude Fable commanded roughly 8% of that market.

A notable shift occurred on OpenRouter last week, where OpenAI surpassed Anthropic for the first time in over two and a half years. Developer platform users allocated more spending to OpenAI’s offerings than Anthropic’s models.

Despite this competitive pressure, Anthropic maintains a stronger reported revenue position.

Reuters data shows the company’s annualized revenue surpassed $65 billion through July’s end, dramatically outpacing approximately $9 billion at 2025’s conclusion.

Meanwhile, OpenAI’s annualized revenue rate crossed $40 billion in July.

Anthropic has internally projected revenue ranging from $190 billion to $200 billion by 2028. Sources familiar with investor expectations suggest the company’s annualized revenue could top $110 billion before 2026 concludes.

Strategic Decisions Loom for Anthropic’s Future

The company is conducting safety evaluations for its upcoming model while determining optimal release timing, Reuters reports.

This deliberation comes on the heels of CEO Dario Amodei’s September 12 statement advocating for the AI industry to moderate the velocity of capability advancements.

Anthropic faces the additional challenge of balancing investment in model development against profitability goals, particularly as computational expenses remain substantial.

The IPO timeline could potentially shift to follow the U.S. midterm elections in November. However, Reuters indicates the election outcome is unlikely to significantly influence the offering itself.

Critical IPO details including the designated exchange, ticker symbol, lead underwriters, and share count have not been disclosed through any public filing.

Separately, Meta Platforms is reportedly working to decrease dependence on Anthropic’s models while expanding its internal AI infrastructure.

The competitive landscape also includes open-source and open-weight alternatives, enabling organizations to execute AI tasks independently of major commercial platforms.

Currently, Anthropic continues evaluating both its model launch strategy and November IPO prospects. The company has yet to confirm specific dates, final valuation figures, or offering parameters.

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