Anthropic investors target $2 trillion-plus valuation in record IPO

Anthropic, the maker of the Claude AI assistant, is preparing to go public as early as October in what investors expect will be the largest initial public offering in history, surpassing SpaceX's record-setting $2 trillion debut earlier this year.

The Financial Times reported on Wednesday that investors backing Anthropic are pricing the company at more than $2 trillion ahead of its planned listing, with some backers eyeing a valuation as high as $2.8 trillion. The IPO would cap a meteoric rise for the AI company, which was last valued at $965 billion in a May 2026 funding round.forgeglobal+3

Revenue Growth Fueling Investor Confidence

Anthropic's revenue trajectory has underpinned the bullish pricing. The company's annualized revenue run rate stood at roughly $47 billion as of May 2026, up from approximately $14 billion at the end of 2025 and just $1 billion in late 2024. Some projections suggest Anthropic could end 2026 with annualized sales in the range of $100 billion to $120 billion, a pace that would place it among the highest-revenue software companies in the world.reddit+3

The company confidentially filed its S-1 with the Securities and Exchange Commission on June 1, targeting a Nasdaq listing with Goldman Sachs The Goldman Sachs Group, Inc. ↘ 1.38%, JPMorgan ↘ 0.73%, and Morgan Stanley ↘ 0.89% leading the offering, which is expected to raise more than $60 billion.bitmex+1

A Crowded AI IPO Market

The listing would follow SpaceX's approximately $2 trillion public debut and precede a planned offering from OpenAI, which is considering a listing in late 2026 or 2027. Amazon Amazon.com, Inc. ↘ 2.24% and Google Alphabet Inc. ↘ 3.58% remain among Anthropic's largest strategic backers, while financial investors including Altimeter, Sequoia, and Fidelity participated in recent private rounds.investing+3

Investors have flagged several risks to the timeline, including cheaper Chinese AI rivals, regulatory pressure on data centers, and whether the industry's capital spending will generate adequate returns. Anthropic's leadership has said the final listing remains contingent on market conditions.x+1