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Anthropic Investors Eye a $2 Trillion IPO

Anthropic is preparing for a stock market debut that could value the five-year-old maker of Claude at more than two trillion dollars, according to investors cited by the Financial Times. Six investors in the company told the FT that rapidly rising revenue could support a valuation above two trillion dollars in a potential October listing, with some scenarios stretching toward three trillion. That would eclipse SpaceX and rank as the largest initial public offering on record. From a fraction o

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axc
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Anthropic Investors Eye a $2 Trillion IPO

Anthropic is preparing for a stock market debut that could value the five-year-old maker of Claude at more than two trillion dollars, according to investors cited by the Financial Times.

Six investors in the company told the FT that rapidly rising revenue could support a valuation above two trillion dollars in a potential October listing, with some scenarios stretching toward three trillion. That would eclipse SpaceX and rank as the largest initial public offering on record.

From a fraction of a trillion to the front of the pack

Institutional investors put nearly one hundred billion dollars into Anthropic in 2026, pushing its valuation to about 965 billion dollars and, for the first time, above OpenAI's, the FT reported in May. The jump reflects how fast the lab's sales are compounding.

Investors told the FT they expect Anthropic's annualized revenue to reach roughly 100 billion to 120 billion dollars by the end of 2026, more than a tenfold increase during the year. IDC estimates the company already generates 40 billion to 50 billion dollars in annualized revenue, with consumer subscriptions contributing less than two billion of that. At 100 billion dollars of revenue, a two trillion dollar valuation is about twenty times annual sales, an investor noted, not entirely absurd given the growth.

The case for the number

One investor told the FT that if Anthropic is growing 800 percent a year, it would trade at least at thirty times revenue, which would make them a three trillion company. Jim Cramer, commenting on the report, argued the math is not fraught if the revenue holds.

The backdrop is a spending surge: the largest technology companies are expected to spend roughly 750 billion dollars on data centers in 2026, increasingly leaning on debt, private credit, and leases to keep construction moving.

The risks underneath

The valuation rests on assumptions that could break. Anthropic faces massive compute costs and aggressive competition from open-source models. It is also under regulatory and legal pressure, including a dispute with the Trump administration and the U.S. Defense Department, which labeled it a supply-chain risk. Export controls in June forced the company to briefly withdraw its Fable 5 and Mythos 5 models, unsettling some customers.

A two trillion dollar debut would confirm AI as core infrastructure in the eyes of public markets. Whether the revenue catches up to the price is the question every buyer will have to answer.

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