Anthropic prepares to launch $1 trillion IPO... Largest in history
Anthropic, the artificial intelligence company, is preparing for a potential public offering in October, with investors expecting its valuation at the time of listing to exceed $2 trillion, potentially making it the largest offering in history and surpassing SpaceX’s debut.
Several investors backing the company believe that Anthropic’s rapid revenue growth could more than double its current valuation during the anticipated fall offering, generating billions of dollars in gains for early investors. However, this also tests the market’s capacity to absorb the massive valuations associated with the AI boom, according to the Financial Times.
These expectations are based on strong demand for the AI models and tools developed by the company. Investors project that annualized revenue could reach between $100 billion and $120 billion by the end of 2026, representing growth of more than tenfold over the same period.
One investor stated that if revenue continues to grow at an annual rate of approximately 800%, it could justify trading the company at a revenue multiple of at least 30 times, implying a potential market capitalization of around $3 trillion.
Anthropic lacks a direct U.S. listed peer for valuation benchmarking. However, companies viewed as beneficiaries of the AI boom, such Palantir and Nvidia, traded this year at revenue multiples nearing 55 times.
Investors reported that senior management has not yet finalized the target valuation for the offering, even in private discussions, leaving investors to rely on their own financial models to estimate potential value.
These optimistic bets come despite mounting challenges for the company, including intensifying competition from Chinese firms, increasing regulatory pressure on the AI sector, and ongoing disputes with the U.S. government.
A temporary ban imposed by the U.S. Department of Commerce on the company’s leading models slowed revenue growth in June, according to informed investors. However, the company quickly regained momentum and continued to record exceptional growth rates compared to Silicon Valley standards.
Led by Dario Amodei, the company filed its documents with the U.S. Securities and Exchange Commission (SEC) in June, placing it within a regulatory quiet period that restricts public disclosures regarding its financial performance.
This year, Anthropic strengthened its position against competitors OpenAI and Google by launching models that outperformed rivals in benchmarks, with a greater focus on the enterprise sector. In May, it announced that its annualized revenue had surpassed $47 billion.
The company attracted investments totaling nearly $100 billion in 2026 from venture capital funds, sovereign wealth funds, and institutional investors. Its valuation rose to $965 billion in May, surpassing OpenAI’s valuation for the first time.
However, uncertainty continues to shadow the company. It has engaged in repeated clashes with the administration of U.S. President Donald Trump and remains involved in a legal dispute with the U.S. Department of Defense after being classified earlier this year as a potential risk to supply chains.
U.S. export restrictions forced the company to temporarily withdraw its two main models, Fable 5 and Mythos 5, in June, raising concerns among some customers who rely on its technology.
