Anthropic reportedly eyes $2T valuation for IPO

Anthropic could be heading for a record-breaking stock market debut, with investors betting the AI startup may hit valued at $2 trillion or more when it goes public in October.

That valuation would eclipse SpaceX’s $1.77 trillion IPO and set a new record for the biggest in history, according to the Financial Times.

Investors are basing their optimism on Anthropic’s rapid sales growth. They expect the Claude maker to reach $100 billion to $120 billion in annualized revenue by the end of 2026, up from more than $47 billion in May.

Such growth could warrant a $3 trillion valuation, according to some investors, equivalent to 30 times annual revenue.

The startup has strengthened its position among business customers, with its AI models gaining ground against offerings from OpenAI and Google. That momentum has encouraged some backers to believe Anthropic could eventually command an even higher valuation.

Institutional investors, including venture capital and sovereign wealth funds, have poured nearly $100 billion into the company in 2026. Its valuation hit $965 billion after the new investment.

Still, there’s a catch
Anthropic’s models may have an edge over rivals, but their higher costs could limit adoption. Its flagship Fable model is 2.5 times more expensive than a comparable OpenAI offering.

Anthropic is also dealing with regulatory and political pressure in Washington, including a court fight over the Pentagon’s supply-chain risk designation. Temporary export controls on its most powerful models in June also alarmed customers and slowed revenue growth.

Competition from overseas
Chinese AI developers are producing cheaper models, while some businesses are becoming more cautious about AI spending because of high costs.

Even so, investors remain confident that strong demand for advanced AI tools will support a blockbuster public offering.