Anthropic it could debut on the stock exchange in October with a valuation of at least 2 trillion dollarsaccording to the estimates of its investors. If the deal actually gets to that level, the Claude manufacturer’s IPO would surpass the record set by SpaceX and become the largest in history.
The forecast comes from around six of the company’s financiers, who have built independent financial models in the absence of an official target indicated by management. Anthropic filed confidential documentation with the in June Securities and Exchange Commissionbut the listing remains linked to market conditions and the outcome of the review by the US authority.
The investors’ calculation is based primarily on annualized revenue growth. Anthropic announced at the end of May a run rate exceeding $47 billionhaving closed a $65 billion Series H round and achieved a post-investment valuation of $965 billion. According to estimates collected by Financial Timesannualized revenue could reach between $100 and $120 billion by the end of 2026.
The annualized figure does not coincide with the revenues actually collected in a full year: Anthropic projects the pace of the most recent sales over twelve months. The company, founded in 2021 by former researchers and executives of OpenAIhas accelerated thanks to the adoption of Claude by companies and the diffusion of tools such as Claude Code.
An evaluation without direct benchmark
Anthropic does not have a listed U.S. competitor with a similar enough profile to offer a direct reference. Investors are therefore looking at companies seen as beneficiaries of the growth of artificial intelligence, including Palantir and Nebiuswhich according to the Financial Times they traded during the year at multiples close to 55 times revenues.
One investor has assumed a multiple of at least 30 times revenue for Anthropic, based on annual growth of 800%. Applied to revenue forecasts, the calculation would even lead to a valuation of $3 trillion. The 2,000 billion threshold therefore remains an estimate of the shareholders, not a price set by Anthropic.
The company raised nearly $100 billion from venture capitalists, sovereign wealth funds and institutional investors during 2026. The private valuation jumped to $965 billion in May, when it exceeded for the first time that attributed to OpenAI. The IPO could turn this appreciation into billions of dollars in earnings for early backers, but it would expose Anthropic to the direct judgment of stock markets.
The demand for Claude models remains the main topic of investors. Anthropic says companies across industries are integrating its systems into core workflows, while Claude Code brings the use of models to the software development industry. The company has also signed agreements with Amazon, Google, Broadcom and SpaceX to increase the available computing capacity.
However, growth must deal with the cost of inference. According to data cited by Financial Times and collected by Artificial Analysis, Anthropic’s most advanced model costs more than 2.5 times compared to OpenAI’s flagship model. Chinese open-weight alternatives are priced even lower, while some companies have already reduced the use of the more powerful models to keep spending down.
Ramp analysts noted growth in Anthropic’s share of U.S. companies, but also noted that many customers are reaching their spending limit on AI services. This holds back the hypothesis of unlimited growth in consumption: adoption increases, but the price per single request and the cost of the models remain decisive variables for margins.
The political front and the Fable and Mythos models
The $2 trillion forecast comes as Anthropic faces litigation with the US government. The company opposed the use of its models for domestic surveillance and fully autonomous weapons systems, after which the Department of Defense listed it as a risk to the national supply chain.
In June the Department of Commerce ordered the suspension of access to the models Fable 5 And Mythos 5 for foreign citizens, citing national security risks and the possibility of bypassing certain protections through jailbreaking techniques. Anthropic has temporarily disabled templates for all users. Reuters reported that the move used powers under the law for the first time.Export Control Reform Act of 2018a choice disputed by some experts because AI models are normally deployed via remote access and not through a traditional export.
According to two investors quoted by Financial Timesthe conflict with Washington contributed to slowing revenue growth in June, followed by a recovery. Regulatory pressure, Chinese competition and the cost of access to models remain key elements that could test IPO expectations.
The confidential filing with the SEC, moreover, does not oblige Anthropic to proceed with the listing. The company will have to make the prospectus public at least 15 days before any roadshow, while the price, number of shares and final valuation will depend on market conditions. The figure of 2,000 billion therefore arises from investor projections and could change before the debut.
For the public interested in the concrete use of the models, the issue of costs and computing capacity is already central: Anthropic recently announced the expansion of the limits of Claude Code and new infrastructure agreements to support demand. The official announcement on Claude Code usage limits and additional GPU capacity offers a useful technical framework for evaluating how much capital is needed to support growth of this type.
