Anthropic has decided to pursue a Nasdaq listing targeting October, according to sources who spoke with Business Insider. The exchange choice represents a significant win for Nasdaq, which earlier this year secured SpaceX's listing at a $1.75 trillion valuation. Together, these two offerings now account for the year's largest debuts in a market otherwise marked by sparse technology IPO activity.
The AI company's filing remains confidential, and no final valuation has been locked in, though market observers estimate the deal could reach approximately $2 trillion. Anthropic has engaged Morgan Stanley and Goldman Sachs as lead underwriters and arranged a $15 billion credit facility to support the offering. A successful raise of $100 billion would mark the largest IPO ever attempted.
The decision to list on Nasdaq rather than the New York Stock Exchange breaks with historical precedent. Traditionally, the NYSE has captured the largest corporate debuts, making 2026 a notable departure. Both exchanges are competing less over listing fees than over positioning themselves as the default venue for future AI company flotations.
Trading mechanics matter less than index inclusion
From a trading perspective, the exchange selection delivers minimal practical advantage to Anthropic. Research provides no compelling evidence that companies perform materially better on Nasdaq versus the NYSE. The primary operational differences involve how each exchange manages opening price discovery and handles the strain of exceptionally large offerings—a concern that traces back to Nasdaq's system failures during Facebook's 2012 IPO.
The meaningful distinction lies in index eligibility. Only Nasdaq-listed stocks can join the Nasdaq 100 index, and inclusion in this benchmark automatically attracts passive investment flows without requiring individual buy decisions from investors.
Safety concerns divide the AI giants
Anthropic's October timeline stands in sharp contrast to OpenAI's recent decision to defer any public listing. Two days before Anthropic's plans became public, Sam Altman told Fortune that OpenAI would not list in 2026, stating: "given everything happening with safety, right now would be an ill-advised moment to go public". The two companies have reached opposite conclusions despite confronting nearly identical circumstances.
The safety debate that has consumed recent weeks originated from a former Anthropic researcher who departed the company over safety objections. That researcher published a statement asserting that the labs are gambling with our lives and, according to Business Insider, placed the risk of human extinction above 10 percent. Notably, the company now seeking a public market valuation is the very organization from which this warning emerged.
Financial disclosure timeline
Anthropic filed confidentially at a $965 billion valuation and has been preparing to present investors with a $30 trillion addressable market opportunity. The roadshow is scheduled to occur days before the US midterms. Until now, every valuation figure attached to the company has originated from sources briefing journalists rather than from official documentation.
This situation will change within weeks. Regulatory requirements mandate that Anthropic publish its financial statements at least 15 days before the roadshow begins. Under an October timeline, the first independently verifiable financial numbers will become available to the public imminently.
Source: The Next Web
