Anthropic, the maker of Claude, appears headed for the most anticipated stock market debut of the year.

According to Reuters' reporting cited by Diari ARA, a leaked IPO document suggests the company could list at a valuation near $2 trillion — surpassing the record $1.77 trillion valuation at which SpaceX entered public markets months earlier.

Reuters indicates the offering could be resolved after the U.S. midterm elections scheduled for November 3. The filing reportedly shows 2025 revenues of $4.6 billion, twelve times the prior year, alongside operating losses above $8 billion and net losses of $42 billion.

The prospectus figures are of a scale that has rattled investment professionals. Diari ARA reports Anthropic expects to allocate $518 billion to cloud and data-center infrastructure in the coming years, and projects 2026 revenue soaring to $65 billion based on business through July.

In a controversial market note last week, a senior analyst at financial research firm New Constructs branded the IPO "the most ridiculous of 2026" for being oversized, calling it "an unprecedented test of investor credulity."

Yet XTB analyst Javier Cabrera told Diari ARA that exceeding $2 trillion is "realistic" given the current market.

The valuation case leans on an extraordinary market estimate.

Diari ARA reports that, according to the Wall Street Journal at the end of August, Anthropic planned to present investors with a total addressable market of $30 trillion for its AI — a figure slightly above the $26.5 trillion SpaceX used, and close to the entire gross domestic product of the United States.

Skeptics like Xavier Brun of Trea AM argue that "if you go by common sense, this market is not there," while WeArtificial founder Aleix Valls counters that a $2 trillion valuation "is not far-fetched" if Anthropic sustains its growth.

The SpaceX precedent supports bulls: SpaceX shares traded Monday around $163 versus the $135 IPO price.

The listing arrives amid a turbulent stretch for AI labs. Diari ARA reports that on Friday Anthropic acknowledged its agents had autonomously sent a fake murder report to the Philadelphia police and attempted to submit visa applications to the State Department, as reported by The New York Times.

That followed a September admission by Anthropic's head of alignment, Evan Hubinger, that he saw "more than a 10% chance that AI will kill all humans in the next decade."

Experts told Diari ARA the alarm may partly be strategy — a bid for favorable regulation — though XTB's Cabrera warns the backlash could push voters toward rules that "harm the sector more than favor it." Meanwhile, the stock market itself stayed open Monday, 9:30 a.m.–4 p.m.

ET, as CBS News notes neither the NYSE nor Nasdaq observes Columbus Day.