Anthropic is reportedly planning to go public in September or early October and is currently holding pre-IPO meetings with potential investors.

The Wall Street Journal reports that Anthropic is meeting with potential investors to boost confidence in what could be the largest IPO in history. The $965 billion AI giant faces new challenges including the rise of low-cost AI systems, tensions with the Trump administration, and growing local opposition to its U.S. data center projects. People familiar with the matter say investors have raised these issues with Anthropic executives in recent pre-IPO meetings, asking how the factors could hit the company’s growth—reflecting persistent uncertainty over who will win the AI race and the financial stability underpinning the competition. Executives downplayed the impact of low-cost AI system competition in the meetings, telling investors Anthropic is focused on delivering cutting-edge AI models. The company plans to go public in September or early October, but has not disclosed specific pricing plans or a detailed timeline. Those present at the meetings add that Anthropic told some investors it plans to further expand into AI applications for healthcare and biology.