Anthropic investors expect the AI company to go public at a valuation of $2 trillion or more in October, according to the Financial Times, which cited half a dozen of the company's backers1,3. At that level, the listing would surpass SpaceX's $1.77 trillion valuation when it went public on the Nasdaq in June, potentially making Anthropic's debut the largest IPO in history2.
The $2 trillion figure comes from investor modeling, not from Anthropic itself. The company's senior executives have not set an IPO valuation target, even in private conversations with investors, according to the Financial Times' sourcing. Anthropic confidentially filed a draft S-1 with the SEC in June.
The backers told the Financial Times that Anthropic's rapidly rising revenue would enable it to more than double its current valuation in a planned autumn float. Investors expect the company to reach $100 billion to $120 billion in annualized revenue by the end of 2026. Anthropic's annualized revenue crossed $47 billion in May.
Anthropic's private-market valuation has climbed steeply in 2026. The company was valued at $380 billion in February before closing a $65 billion Series H in May that lifted its post-money valuation to $965 billion. The confidential S-1 filing came four days after that round closed.
A listing at $2 trillion or above could unlock billions of dollars in gains for the five-year-old company's early investors, but would also test public markets that are growing more nervous about the AI boom, according to the Financial Times.
ANALYSIS The gap between Anthropic's $965 billion post-money valuation in May and the $2 trillion-plus figure investors are now modeling implies backers see the revenue trajectory — from $47 billion annualized in May toward $100 billion–$120 billion by year-end — as sufficient to justify a roughly 2x markup in under six months.
Anthropic is also pursuing inorganic growth alongside its IPO preparations. The company is in talks to acquire AI startup Decart for approximately $6 billion, according to prior reporting ctx.
The IPO timeline places Anthropic's public-market debut in a competitive context. OpenAI this week named Dali Rajic, president and COO of Wiz, as its new chief revenue officer, replacing Denise Dresser ctx.