Anthropic Chooses Nasdaq for October IPO
Anthropic has selected Nasdaq for its Initial Public Offering (IPO) scheduled for October, despite OpenAI’s decision to rule it out. This announcement comes after Nasdaq successfully listed SpaceX earlier this year at a $1.75 trillion valuation, securing both the largest and record-breaking listings of 2026.
Nasdaq Completes Its Set
In a shift from traditional preferences, the New York Stock Exchange has seen fewer technology flotations this year, making Nasdaq a front-runner for AI listings. While there’s no substantial evidence that companies perform better on one exchange over the other, the race is more about prestige than fees.
The practical difference in trading terms is minimal. Both exchanges have their unique processes for setting opening prices, and very large offerings can challenge these systems. A notable example is Nasdaq’s technical failure during Facebook’s 2012 IPO.
Only companies listed on Nasdaq are eligible to join its prestigious Nasdaq 100 index, which attracts passive investors.
Opposite Conclusions from Similar Facts
Sam Altman, OpenAI’s CEO, recently stated that the company would not go public in 2026 due to safety concerns, especially following a former researcher’s resignation over similar worries. However, Anthropic, the company behind the warning, is moving forward with its IPO, aiming for a $965 billion valuation and planning to raise up to $100 billion—the largest flotation ever attempted.
Anthropic has filed confidentially, appointed Morgan Stanley and Goldman Sachs as lead underwriters, and secured a $15 billion credit facility. Their pitch to investors includes an impressive $30 trillion addressable market.
By rule, Anthropic must publish its financial results at least 15 days before the roadshow begins, ensuring that potential investors can review the numbers before making decisions.