Anthropic shareholders expect a $2T valuation following an October IPO

Anthropic investors expect the artificial intelligence developer to go public in October at a valuation of $2 trillion or more, which, according to the Financial Times, would make it the largest initial public offering in history. That figure would surpass SpaceX’s listing in June at a $1.77 trillion valuation. Half a dozen Anthropic investors said annual revenue for Claude’s creator is expected to reach between $100 billion and $120 billion by year-end—implying growth of more than tenfold from the $47 billion in annual revenue the company reported in May. The company last raised capital at a business valuation of $965 billion.

According to the Financial Times, Anthropic’s senior leadership has not set a target valuation for the IPO, even in private discussions. The company filed paperwork with the Securities and Exchange Commission in June and entered a quiet period. Anthropic declined to comment. One investor said that a company growing at 800% a year, at the lowest end of reasonable expectations, would command a revenue multiple of 30—implying a $3 trillion valuation for Anthropic. AI-linked companies such as Palantir and Nebius have traded this year at multiples close to 55 times their revenue.