Anthropic investors target $2 trillion+ IPO valuation in October
FT reported Aug 13: roughly 6 Anthropic investors expect a fall IPO valuation above $2 trillion, with annualized revenue forecast at $100-120B.
On August 13, the Financial Times reported that approximately six Anthropic investors expect the company could command a valuation above $2 trillion at its fall IPO. If realized, this would exceed SpaceX's $1.77 trillion valuation at its June listing and become the largest IPO in history. These are investor projections based on revenue growth, not Anthropic's official IPO pricing or stated valuation target.
Anthropic filed confidential paperwork with the SEC on June 1 and is now in a quiet period. After its $65 billion financing in May, the post-money valuation reached $965 billion, with annualized revenue exceeding $47 billion disclosed at the time. Investors participating in the assessment expect Anthropic's annualized revenue to reach $100-120 billion by end of 2026, more than 10x the start-of-year figure. One investor said that at 800% annual growth, the company should command at least 30 times revenue, implying a $3 trillion valuation.
Anthropic lacks a directly comparable US public peer; AI beneficiaries like Palantir and Nebius have traded at roughly 55x this year's revenue. Goldman Sachs, Morgan Stanley, and JPMorgan are leading the offering. Risks: Anthropic's flagship models cost over 2.5x to use compared to OpenAI's flagship, and with Chinese open-weight models improving rapidly, some enterprise customers have begun shifting to cheaper alternatives; the company has also clashed repeatedly with the Trump administration and is in litigation with the US Department of Defense over a "supply chain risk" designation; a June Commerce Department export control measure temporarily slowed revenue growth.