Catenaa, Thursday, August 13, 2026- Anthropic investors expect the AI company to go public in October at a valuation of $2 trillion or more, which would make it the largest IPO in history.
The Financial Times reported that half a dozen of Anthropic’s backers said that the Claude maker’s annualized revenue is expected to land somewhere between $100 billion and $120 billion before the year closes, a figure that would represent growth of more than tenfold compared with the $47 billion annualized revenue the company reported in May.
Such an IPO figure would surpass SpaceX, which went public at a $1.77 trillion valuation in June. Anthropic last raised capital at a $965 billion post-money valuation.
Senior Anthropic executives had not fixed a valuation target for the IPO, even in private conversations, according to the Financial Times.
The company filed paperwork with the Securities and Exchange Commission in June and entered a quiet period.
One investor said that a company expanding at 800% annually would, at the very low end of reasonable expectations, command a 30-times-revenue multiple, implying a $3 trillion valuation for Anthropic.
AI-adjacent names such as Palantir and Nebius have changed hands this year at multiples near 55 times their sales.
Anthropic’s path to that valuation faces several challenges. Anthropic’s top model carries a price tag more than 2.5 times higher than OpenAI’s flagship offering, while Chinese open-weight alternatives can be accessed at a fraction of that cost, according to data from AI analysis firm Artificial Analysis.
Revenue growth also slowed in June after the US Commerce Department imposed a temporary export control on Anthropic’s best models, the report said.
The company also remains in active litigation against the US Department of Defense, which designated Anthropic a supply-chain risk earlier this year.
Customers, meanwhile, have grown more sensitive to the cost of accessing high-end AI models.
Data from payments company Ramp showed that businesses had reached the ceiling of what they were willing to spend on AI and were beginning to shift toward lower-cost options.
Morgan Stanley, Goldman Sachs, and JPMorgan are leading the offering.
