Anthropic IPO Valuation Targets $2 Trillion Amidst Record Revenue Growth
Investors project annualised revenue of $100 billion to $120 billion, though regulatory headwinds and cost-sensitive enterprise clients pose challenges for the Dario Amodei-led firm.
Investors anticipate that AI startup Anthropic will achieve a valuation of at least $2 trillion during its planned initial public offering in October 2026. This projection is based on expected annualised revenue between $100 billion and $120 billion by the end of the year, driven by strong demand for its Claude models. The listing would potentially become the largest in history, surpassing SpaceX. Despite facing regulatory challenges, including a temporary ban by the US Commerce Department, and rising competition from Chinese rivals, the company has filed for an IPO with the Securities and Exchange Commission and has attracted nearly $100 billion in investment in 2026.
Half a dozen of Anthropic’s backers told the Financial Times that the company’s rapidly rising revenue would enable it to more than double its current valuation. One investor suggested that if Anthropic is growing 800 per cent a year, a 30 times revenue multiple would make it a $3 trillion company. Companies seen as AI beneficiaries, such as Palantir and Nebius, have traded at roughly 55 times revenue this year.
Senior Anthropic executives have yet to fix the valuation target for the IPO, even in private conversations. The startup led by Dario Amodei filed paperwork with the Securities and Exchange Commission in June, putting the company in a quiet period that limits public announcements about its financial performance. Venture capitalists, sovereign wealth funds, and other institutional investors have poured just under $100 billion into the company in 2026.
Anthropic’s valuation leapfrogged OpenAI’s for the first time in May, reaching $965 billion. The company announced in May that its annualised revenue had surpassed $47 billion. These figures reflect a period of intense growth, although revenue growth slowed in June due to a temporary ban on its best models by the US Commerce Department, which spooked some customers.
Anthropic has gained ground on rivals OpenAI and Google this year, releasing models that have outperformed competitors while focusing on sales to business customers. However, the company faces considerable uncertainty. It has repeatedly clashed with the Trump administration and remains in active litigation against the US Department of Defense. Chinese open-weight alternatives, which have improved dramatically this year, are a fraction of the cost of Anthropic’s models, adding pressure on pricing.
Despite these headwinds, Anthropic increased its market share among US businesses last month, according to data from payments group Ramp. Yet analysts at the company found that businesses were hitting their limit on AI spend and turning to cheaper alternatives. The listing would test public markets that are growing more nervous about the AI boom, even as the company continues to be in first position in performance and positioning.
