Anthropic

Artificial Intelligence · Enterprise Software

IPO

Anthropic reportedly targets $2T IPO in October, largest ever

The pricing assumes annualized revenue nearly triples by year-end, a bet skeptics call the riskiest wager on Wall Street this year.

• Anthropic shareholders expect the AI company to price its IPO at more than $2 trillion in October, which would be the largest IPO ever and surpass SpaceX, the Financial Times reported.
• Anthropic makes the Claude family of AI models, widely used in enterprise software, coding and business productivity tools, and filed confidentially with the SEC in June.
• Morgan Stanley, Goldman Sachs and JPMorgan are leading the offering, the same three banks that already dominate AI dealmaking on Wall Street.
• Anthropic's annualized revenue topped $47 billion in May and investors project it will reach $100 billion to $120 billion by December, more than tenfold growth in a year.
• The company last raised money at a $965 billion post-money valuation, so a $2 trillion debut would roughly double that in a matter of months.
• One backer told the Financial Times that Anthropic's roughly 800% annualized growth justifies a multiple of 30 times revenue or more, which could push the price toward $3 trillion.
• Prospective investors have pressed Anthropic on cheaper Chinese rivals like Kimi K3 and Qwen3.8, tensions with the Trump administration, and public pushback against new data centers.
• A $2 trillion debut would set a new benchmark for how markets price frontier AI labs, but it hinges on revenue projections that are unaudited run-rates, not certified annual sales.