Anthropic Eyes Record-Breaking $100B IPO at $2T Valuation

Anthropic, the AI company behind the Claude large language models, is reportedly considering an initial public offering that could raise up to $100 billion, positioning it to potentially surpass SpaceX as the largest IPO in history. The company expects to match or beat the size of SpaceX’s record-setting offering, according to Bloomberg, with a public S-1 filing possible as soon as the end of August and an offering targeted for October at a valuation north of $2 trillion.

The Numbers Behind the Ambition

Anthropic’s IPO ambitions rest on extraordinary revenue growth that has few precedents in enterprise software. The company’s annualized revenue run rate reached $65 billion by the end of July, a sevenfold increase from a year ago, according to CNBC. Preliminary second-quarter revenue came in at more than $11.5 billion, a 14-fold jump from the $787 million recorded during the same period in 2025.

The company’s revenue trajectory has been nothing short of vertical: roughly $1 billion at the end of 2024, about $10 billion by the end of 2025, $47 billion by May 2026, and now $65 billion by July. Investors told the Financial Times they project $100 billion to $120 billion in annualized revenue by December.

Anthropic confidentially filed its draft Form S-1 with the SEC on June 1, 2026, at a valuation of approximately $965 billion, following a $65 billion Series H round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The company is projecting 2028 revenue of roughly $190 billion to $200 billion, with its IPO valuation hinging on those forecasts, according to Reuters.

A Record-Setting Context

The IPO would arrive during an already historic year for public offerings. SpaceX listed on the Nasdaq on June 12, 2026, raising $75 billion initially ($86.2 billion including the overallotment option) and closing its first day above a $2 trillion valuation. U.S. IPOs had raised $160.6 billion through August 19, closing in on the $195.2 billion record set in 2021, according to TechStartups.

Investors project Anthropic could float at a valuation of about $2 trillion, with some shareholders arguing the math supports $3 trillion, according to Forbes. The IPO is being built on a 40-50 times revenue multiple comparable to Palantir, Cloudflare, and SpaceX.

Anthropic is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase on the offering, with more banks expected to join. The company is also considering super-voting shares that would give CEO Dario Amodei and his fellow co-founders greater influence after going public.

The Risk Factors

Despite the staggering growth numbers, significant headwinds loom. Anthropic posted a net loss of nearly $42 billion in 2025, roughly five times the $8.3 billion loss recorded a year earlier, according to documents reviewed by Bloomberg. The company reached positive adjusted operating income in the second quarter of 2026, offering investors an early sign that its economics could improve as revenue scales.

Negative sentiment toward AI and data centers will be listed as a risk factor in Anthropic’s IPO prospectus, according to sources who spoke with CNBC. A Gallup survey published in May found that seven in 10 Americans oppose AI data center construction in their area, with close to half of those polled “strongly opposed.”

Market strategists have also sounded caution. Mike O’Rourke, chief market strategist at JonesTrading, warned on CNBC’s Morning Call Sheet that the 40-50x revenue multiple carries significant risk. “First of all, I think Anthropic is incredible. I think they’re a great company. I think Claude is incredible. That said, again, the multiple you want to pay for assets is where the risk is. If you want to overpay, it’s going to be dangerous,” O’Rourke said, as reported by 24/7 Wall St..

The AI IPO Wave

Anthropic’s offering would be the second of three anticipated AI mega-IPOs in 2026. SpaceX has already listed, and OpenAI is expected to file confidentially in September, targeting a 2027 listing at a valuation between $852 billion and $1 trillion. The concentration of these mega-listings creates a unique moment for public markets, as Fortune noted that Anthropic’s IPO would be the largest ever, eclipsing SpaceX’s record.

“It is going to be an interesting year if 2026 turns out to be, which it looks like it will be, that we got the SpaceX, Anthropic and OpenAI IPOs, because that is tremendous amounts of supply coming on the market,” O’Rourke added.

What to Watch For

Anthropic could make its public S-1 filing as soon as the end of August, which would reveal audited financials for the first time. The roadshow and pricing will follow, with October as the reported target for the offering. The key questions investors will be watching include whether the $2 trillion valuation holds through the roadshow, how the market prices the 40-50x revenue multiple, and whether the AI backlash translates into investor hesitation.

As FourWeekMBA noted, the $2 trillion figure is a roadshow target, not a set price, and the market will have its say. The outcome will provide the first public-market benchmark for AI lab valuations, potentially triggering a repricing of private AI companies across the industry.

For now, Anthropic appears positioned to make history. Whether it matches or beats SpaceX’s record will depend on whether public investors share the enthusiasm that has driven private valuations to unprecedented heights.