According to the Financial Times, Anthropic's investors expect the AI company to launch an IPO this October with a target valuation of $2 trillion or higher. If achieved, it would surpass the $1.77 trillion valuation of SpaceX during its June 2024 listing, becoming the largest IPO in history.
Six investors said that Anthropic's revenue has been growing rapidly, and it is expected to reach between $100 billion and $120 billion by the end of 2026, with an annual growth rate exceeding 10 times. The company announced in May that its annualized revenue had exceeded $47 billion. Investors believe that the strong demand for advanced AI models like Claude and enterprise tools is the main factor supporting the high valuation expectations.
Since 2026, venture capital firms, sovereign wealth funds, and other investors have injected nearly $100 billion into Anthropic. In May of this year, the company's valuation surpassed OpenAI for the first time, reaching $965 billion with new investments. As a reference, AI-related companies such as Palantir and Nebius currently have a price-to-sales ratio of about 55 times.
However, Anthropic's management has not yet determined the target valuation for the IPO. At the same time, the company still faces pressures such as increased competition from China, AI regulation, and tensions with the U.S. government. These factors once caused a slowdown in revenue growth in June, but sources say it has since resumed growth. As of the time of writing, Anthropic has not commented on this.
