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Anthropic, the company behind Claude, is quietly preparing what could become the single largest initial public offering ever. The AI company is targeting a valuation north of $2 trillion, a number that would leapfrog SpaceX’s record-setting debut from earlier this year.
The offering is tentatively slated for October, though scheduling logistics may push it into November.
The numbers behind the hype
Anthropic’s annualized revenue run-rate climbed from roughly $47 billion in May to approximately $65 billion by July. That’s nearly 40% growth in two months.
By the end of 2026, estimates peg the run-rate somewhere between $100 billion and $120 billion. At a $2 trillion valuation, that would price the company at roughly 17 to 20 times its projected annual revenue.
Anthropic’s most recent private financing round, a $65 billion Series H in May, valued the company at $965 billion post-money. So the IPO target effectively represents a doubling from that already staggering figure in the span of a few months.
Morgan Stanley, Goldman Sachs, and JPMorgan are leading the offering. The slight delay from the original timeline stems from a need to incorporate updated financial disclosures. Anthropic filed confidentially with the SEC in June and is currently in its quiet period.
SpaceX set the bar, Anthropic wants to vault over it
The benchmark Anthropic needs to clear is SpaceX, which went public in June at a valuation between $1.77 trillion and $1.8 trillion, raising over $85 billion in the process.
SpaceX had decades of operational history and government contracts underpinning its valuation. Anthropic, founded in 2021 by former OpenAI executives Dario and Daniela Amodei, is barely five years old. Its valuation rests almost entirely on the trajectory of its AI models and the assumption that enterprise demand for Claude will continue its current pace.
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