Anthropic is preparing what is expected to be the largest IPO on record, targeting a valuation of $1.5 trillion to $2 trillion and proceeds above the roughly $86 billion SpaceX raised in June, while planning to let early investors and staff sell stock in the debut. The company, which raised $65 billion in May at a $965 billion valuation with Altimeter, Dragoneer, Greenoaks, Sequoia, GIC, Capital Group and Coatue among key backers, aims to publish its prospectus soon after Labor Day on September 7 ahead of a potential late-September or early-October listing. Unlike SpaceX, which sold only newly issued shares, Anthropic is weighing priced secondary sales inside the offering paired with lockups longer than the customary 180 days. SpaceX’s August 6 lockup expiry freed about 911.5 million insider shares and lifted the tradable pool from 4.9% to 11.8% of the company, with the stock still closing up 6.1%. The filing is also expected to name public backlash against AI as a formal risk. Anthropic has raised at least $130 billion for compute, projects 2028 revenue near $190 billion to $200 billion, and last officially cited a run rate above $47 billion in May, while other reporting has pointed to higher subsequent figures. Crypto traders already price exposure through pre-IPO token markets on Solana.