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Anthropic Eyes October IPO with Potential $2 Trillion Valuation

Anthropic, the AI company behind the Claude models, is reportedly gearing up for an initial public offering (IPO) in October, with investors targeting a valuation that could top $2 trillion. If realized, this would dwarf SpaceX's $1.77 trillion valuation from its June 2024 listing, making it the largest IPO in history.

According to the Financial Times, six investors familiar with the matter say Anthropic's revenue has been growing at a breakneck pace. By the end of 2026, they expect it to reach between $100 billion and $120 billion—a more than tenfold increase from current levels. In May, the company announced its annualized revenue had already surpassed $47 billion. Investors attribute this explosive growth to the surging demand for advanced AI models like Claude and enterprise tools, which they believe justifies the sky-high valuation.

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Since the start of 2026, venture capital firms, sovereign wealth funds, and other investors have poured nearly $100 billion into Anthropic. In May, the company's valuation briefly overtook OpenAI's, hitting $965 billion after a fresh round of funding. For context, AI-related companies like Palantir and Nebius currently trade at price-to-sales ratios of around 55 times—a benchmark that suggests Anthropic's valuation could be even higher.

However, Anthropic's management hasn't yet locked in a specific target valuation for the IPO. The company also faces headwinds: intensifying competition from Chinese AI firms, regulatory scrutiny, and a sometimes tense relationship with the U.S. government. These factors caused a temporary slowdown in revenue growth in June, though sources say growth has since resumed. As of this writing, Anthropic has not commented on the IPO plans.

Key Points

  • IPO Timeline: Anthropic plans to go public in October, with a potential valuation exceeding $2 trillion.
  • Revenue Growth: Projected revenue of $100-$120 billion by 2026, driven by strong demand for Claude.
  • Funding Surge: Nearly $100 billion invested since 2026, with valuation briefly surpassing OpenAI.
  • Challenges: Competition, regulation, and government tensions pose risks, but growth has rebounded.