Freedom assessed the prospects of an Anthropic listing at $2 trillion

AI systems developer Anthropic could go public as early as October 2026 with a valuation of at least $2 trillion. If investors’ expectations are met, the offering would be the largest in history. Freedom analyst Vladimir Chernov believes the high valuation appears more justified amid the company’s rapid business growth than it may seem at first glance; however, after trading begins, the shares could face pressure from slower revenue growth, the high cost of Anthropic’s technologies, and regulatory constraints. 

What Anthropic does and why the company attracts investors

Anthropic is a US artificial intelligence company developing the Claude family of neural networks. These systems can work with text and programming code, analyze large volumes of information, and perform complex tasks for individual users and businesses.

Investors expect that Anthropic could conduct an initial public offering as early as this fall. In May, the company was valued at $965 billion, and by the end of 2026 its annual revenue, annualized at the current run rate, could reach $100–120 billion versus more than $47 billion in May. Rapid business expansion has been one of the main arguments in favor of a potential valuation of $2 trillion or more. The company’s final valuation in the offering has not yet been determined. 

Why a $2 trillion valuation for Anthropic may be justified

Freedom analyst Vladimir Chernov notes that a potential Anthropic listing will be an important test of public investor interest in the entire AI sector. At a $2 trillion valuation and expected annual revenue of $100–120 billion, the company’s value would be about 17–20 times its revenue. 

According to the analyst’s calculations, this is significantly lower than the multiple in SpaceX’s recent offering, where the company’s value was about 95 times annual revenue. Therefore, Anthropic’s valuation, despite its record absolute size, does not look so high relative to the scale of the business and its growth rates. If the offering is successful, Anthropic could also set a new stock-market record, surpassing SpaceX in company value at the time of going public. 

What could hinder Anthropic shares from rising after the IPO

A high valuation simultaneously raises investor expectations for the company’s future performance. One of the main risks, according to Freedom analyst Vladimir Chernov, is a possible slowdown in revenue growth. If the business stops expanding at the same pace, it will become harder to justify a $2 trillion valuation.

Another factor is the cost of using Anthropic’s models. According to the analyst, it is about 2.5 times higher than that of competing OpenAI solutions. High costs may make it harder to attract customers and intensify competitive pressure, especially as cheaper AI systems emerge.

Regulatory risks add further uncertainty. Taken together, the high cost of the technology, a potential slowdown in the business, and constraints from authorities could weigh on Anthropic shares in the first months after trading begins.

What other major companies are preparing to go public

Singapore-based DayOne Data Centers has confidentially filed for an initial public offering in the US. The data center operator could go public as early as next quarter and raise about $5 billion at a valuation of roughly $20 billion. Since its founding in 2022, the company has secured access to more than 1.5 gigawatts of capacity in the Asia-Pacific region and Europe. Interest in its business is supported by rising demand for computing infrastructure for AI. 

US-based Westinghouse Electric, one of the oldest developers of nuclear power technologies, is also preparing to go public. The company has already confidentially filed documents for a US listing, but it has not yet disclosed the size of the offering or the expected valuation. Today, Westinghouse technologies are used in more than half of the world’s operating nuclear reactors. 

Not an individual investment recommendation.