Anthropic is preparing for a potential public listing that could value the AI company at more than $2 trillion, pairing enormous infrastructure commitments with a governance structure designed to preserve founder control.
But Paul Weiss M&A chief Robert Kindler says even an IPO of that scale is unlikely to move the broader market.
Anthropic Targets More Than $2 Trillion Valuation
Anthropic is seeking a public-market valuation of more than $2 trillion, more than double its $965 billion valuation in May.
The AI company generated nearly $4.6 billion in revenue in 2025 but recorded a $42 billion net loss.
Anthropic also plans roughly $518 billion in future cloud, computing and infrastructure spending. It held $20.28 billion in cash, cash equivalents and short-term investments as of Dec. 31.
Founders Retain Majority Voting Control
Anthropic’s seven co-founders have pledged to donate 80% of their personal equity to charitable causes.
At the same time, the founders will form a Founder LLC that directs a single Class F share carrying 50.1% of the voting power on key corporate matters. That structure would allow the founders to retain substantial control following the IPO.
Anthropic also plans to remain a Delaware Public Benefit Corporation, allowing management to consider investor interests alongside the company’s broader stated mission.
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Kindler Downplays Broader Impact Of Anthropic IPO
Robert Kindler, Paul Weiss global chair of the M&A Group, does not expect Anthropic’s potential listing to drive the broader equity market.
Kindler told CNBC that IPO and M&A activity has remained relatively moderate despite several large transactions. He said companies now have more opportunities to raise substantial private capital, reducing the need to go public purely to fund growth.
Asked how important Anthropic’s IPO would be, Kindler said, “I don’t think it matters.”
He acknowledged the potential size of the offering but said, “Look, it’s a very large IPO, just like the other ones were lot, you know, very large IPOs, but I don’t think it drives the overall market. Just like large M&A deals don’t drive the overall market.”
AI Remains A Broader Market Support
Kindler distinguished Anthropic’s IPO from the wider AI investment cycle.
He agreed that AI spending, including investments in data centers and chips, is supporting the market. However, he said investors cannot predict what will eventually trigger the next downturn.
Kindler also pointed to the broader market trading at roughly 19 times earnings, saying, “It’s not very expensive.”
His view suggests Anthropic’s IPO may attract significant attention because of its size and place in the AI ecosystem. Still, he does not see the offering itself as a decisive catalyst for broader equity markets.
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