Anthropic has officially started the process for what should be one of the largest stock market listings ever, with the maker of Claude AI expected to IPO in a couple of weeks' time (around 16 November) at a valuation between $1.5trn and $2trn, following SpaceX's historic stock market debut in June. Founded in 2021, Anthropic makes most of its revenue from metered token consumption and focuses on safety and trust among enterprise customers. In its S-1 IPO prospectus filed last month, the company said it had more than 1,900 customers with $1m or more of revenue on a trailing-12-month basis, and roughly 250 customers with $10m or more. In the first six months of 2026, Anthropic's revenue hit $16.3bn, a 1,300% year-on-year increase, with a $974m operating profit in the second quarter. In amended IPO paperwork yesterday (2 November), the company said third-quarter revenue surged 1,127% to $17bn, while it swung to an operating loss of $567m in the third quarter, primarily due to securing $5bn worth of short-term compute. Anthropic has nearly $900bn in AI infrastructure and computing commitments with companies including Broadcom, Alphabet, Amazon and SpaceX, with roughly $70bn due by 30 September 2027 and almost $450bn before the end of 2030, and