Anthropic, Trump administration reconcile ahead of IPO

Commerce Secretary Howard Lutnick told an interviewer the Trump administration trusts Anthropic after the company complied with government requests, ending a months-long confrontation that had threatened its public-sector business. The following day Lutnick and Anthropic co-founder Tom Brown appeared together at a G20 technology meeting in North Carolina.

The dispute began in June when the Commerce Department required export licenses for foreign users of Anthropic’s most powerful models. In response, Anthropic removed its Claude Fable 5 and Mythos 5 models for all users. Export restrictions were lifted on June 30 and access was restored the next day.

On Aug. 28, U.S. District Judge Rita Lin voided a Pentagon supply-chain risk designation for Anthropic, finding the label illegal and without basis. A separate Pentagon designation remains under review in the U.S. Court of Appeals for the D.C. Circuit.

Regulatory filings and company statements described potential effects on contracts, permits and investor confidence. In filings, Chief Financial Officer Krishna Rao said the Pentagon designation could reduce 2026 revenue by multiple billions of dollars. Anthropic’s head of public sector, Thiyagu Ramasamy, estimated more than $150 million of recurring public-sector revenue was immediately at risk and projected public-sector revenue above $500 million for 2026.

Anthropic reported an overall revenue run rate of about $65 billion in August, implying government work accounts for well under 1% of total sales.

The company filed confidentially for an IPO in June and plans to file a public prospectus after Labor Day, with a potential listing in late September or October. The offering may allow some existing shareholders to sell shares and could include longer-than-usual lockups for remaining holders. Some investors have discussed valuations above $2 trillion; Anthropic’s executives have not set a target.

Lutnick was direct when asked whether he trusts Anthropic’s CEO: “They’ve done what we asked. They’re back on the right side. So the answer is: Yes.”

Lutnick’s remarks and the court ruling removed some immediate political uncertainty, but the second Pentagon designation is still being litigated. Company leaders are completing regulatory clearances and preparing investor materials ahead of the planned offering.