Senior executives at Anthropic will host a select group of institutional investors at the company's San Francisco headquarters to discuss a potential public listing. The AI lab has sent out invites for this pre-listing event as it prepares to start formal marketing for an initial public offering the week of Nov. 9. The firm seeks to begin trading before Nov. 26, with prospective investors placing the fair valuation between $1.8 trillion and $2 trillion, though some Wall Street analysts suggest $1.5 trillion.

A leaked IPO prospectus reveals that Anthropic has $518B in compute commitments over the next decade, with 80% of those obligations non-cancelable. These liabilities include payments of up to $84.5B to SpaceX for Nvidia-based capacity by 2029 and a $125.2B five year lease for chips. Broadcom is providing up to $42B in convertible financing to help fund the lease, while the filing reports a $42B net loss and projected 2025 revenue of $4.6B.