Anthropic’s long-awaited IPO is reportedly being planned for October, with an estimated valuation of $2 trillion, according to a Financial Times report. If this valuation holds, it would surpass SpaceX’s IPO figures, making Anthropic’s public offering the largest stock market debut to date.
That said, the IPO is still under discussion, and the valuation has not been formally fixed within the company.
Valuation Trail: How Anthropic got here
At the end of May, Anthropic raised $65 billion in Series H funding, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, which valued the company at $965 billion. Earlier funding rounds also included $15 billion in investments from hyperscalers, including $5 billion from Amazon. Strategic infrastructure partners Micron, Samsung, and SK hynix were also part of this round.
Revenue growth is doing the heavy lifting
A driving force behind Anthropic’s push to launch its IPO at a higher valuation is likely its rising revenues. In May, the company reported that revenue had crossed $47 billion.
Investors now anticipate the Claude maker’s annualized sales could reach between $100 billion and $120 billion by the end of 2026, driven by the high demand for the lab’s advanced AI models and technologies, which may end up validating its lofty ambitions, reported Yahoo Finance. Anthropic has also significantly expanded its compute capacity, signing agreements with Amazon, Google, Broadcom, and SpaceX.
Anthropic investors excited by a $2 trillion valuation in a record IPO are betting on an already nervous market, according to Nigel Green of deVere Group. “The plan rests on annualised revenue nearly tripling by the end of 2026, at a moment when Wall Street’s patience for lofty AI multiples is visibly thinning. The number everyone is pricing off is an annualised run-rate, not audited revenue, a projection stretched forward from a few strong months rather than a certified year of sales,” says Green.
“Investors keep skipping past the part that matters most: a valuation this size prices in years of near-uninterrupted acceleration, not one good quarter, with no room for the regulatory and geopolitical friction still clearly in play,” adds Green.
Claude Mythos Preview draws attention in DC
Anthropic also attracted attention on Wall Street after unveiling Claude Mythos Preview, a model with enhanced cybersecurity features. This model was distributed to select companies under Project Glasswing, and discussions have reportedly been held with senior members of the Trump administration regarding its capabilities.
Anthropic is essentially an AI safety and research company that builds interpretable and steerable AI systems. Some of the products include Claude, Claude Code, Claude Code for Enterprise, Claude Design, Claude Security, Claude in Chrome, Claude for Slack and Claude for Microsoft 365, amongst several others. Mythos Fable, Opus, Sonnet and Haiku are Anthropic’s main models.
In a statement to Anthropic, Alfred Lin, Partner at Sequoia Capital, summed up how Claude is changing the enterprise work setup: “Startups and Global 5000 companies alike are deploying Claude to handle complex workflows, and in doing so, Claude is learning how businesses actually operate: the context, the processes, the judgment. Anthropic is building the bridge between where enterprise AI stands today and where it’s headed.”
The roadblocks Anthropic still has to clear
But it isn’t all smooth sailing. Anthropic has faced ongoing legal conflicts with the Trump administration and is currently in litigation against the US Department of Defense, which identified it as a supply chain risk. As a result, Anthropic had to temporarily withdraw its top models, Fable 5 and Mythos 5, due to export controls imposed by the Commerce Department in June.
Cost is the other pressure point. Anthropic’s leading model is over two and a half times more expensive to use than OpenAI’s flagship model, as per Artificial Analysis. Meanwhile, Chinese open-weight alternatives, which have significantly improved this year, are available at a much lower cost.
Anthropic did gain market share in US businesses last month, as reported by payments group Ramp. However, analysts noted that companies are reaching their budget limits for AI spending, pushing them to seek more affordable options, the FT reported.
Investors are also getting nervous about the AI boom, seeing a lot of capex going into firms in the sector. The potential productivity benefits of AI are significant but remain uncertain and vary between sectors and countries.
In its report, the Bank for International Settlements raises this concern: Should hyperscalers slow or halt the aggressive pace of capex deployment, many borrowers across the supply chain could struggle to replace lost revenue and service their debt. Circular financing deals are creating their own share of concerns too.
“Look at what’s happening around. CoreWeave, one of the AI infrastructure names most tightly bound to Nvidia, has admitted it would struggle badly if forced to shift away from Nvidia’s chips. Far from a footnote, it’s a signal of how tightly wound and circular the financing behind this entire boom has become, right as Nvidia walks into earnings shadowed by China licensing uncertainty and mounting questions over who is really funding whom across the AI supply chain,” says Green.
On the other hand, global enterprises across industries are deploying Claude in their core operations, and a growing number of people around the world use it for their everyday work. But for a 5-year-old company, the IPO will be unlocking billions of dollars for its initial shareholders, including the Anthropic co-founders, CEO Dario Amodei and President Daniela Amodei.
Here’s an update on where things stand procedurally: On June 1, 2026, Anthropic confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering. The number of shares to be offered and the price are yet to be set. As per norm, its official prospectus will have to land in the hands of investors at least 15 days before the company begins the IPO roadshow.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. This article is based on media reports and company statements. The IPO timeline, valuation, and other financial details mentioned are subject to change and have not been officially confirmed by Anthropic. Investment in foreign securities involves significant risks, including currency fluctuations, different financial reporting standards, and varying regulatory environments. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor. Financial Express is not responsible for any decisions made based on this information.