- Anthropic shareholders reportedly believe the AI company could debut at a valuation exceeding US$2 trillion, making it the largest IPO in history
- The company generated more than US$47 billion in annualized revenue in May, with some investors projecting US$100 billion to US$120 billion by year-end
- Bulls argue Anthropic’s explosive growth could justify an even higher valuation, though skeptics question whether it can maintain premium pricing amid intense AI competition
- Anthropic confidentially filed for an IPO in June and has begun meeting with investors, though management has not publicly discussed a specific valuation target
Investors eye a US$2 trillion valuation
Anthropic has quickly become one of the most important players in the artificial intelligence industry.
Founded in 2021 by former OpenAI researchers and executives, the company has built a reputation around its Claude family of AI models and has emerged as a major competitor in the race to develop advanced AI systems for both consumers and enterprises.
Over the next few weeks, Anthropic is preparing for what could become the most closely watched public offering in technology history.
According to a report from the Financial Times, some Anthropic shareholders believe the company could go public at a valuation exceeding US$2 trillion. If achieved, the offering would become the largest initial public offering ever completed and would instantly rank Anthropic among the world’s most valuable companies.
This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Do investors expect massive growth?
The bullish outlook stems largely from Anthropic’s extraordinary revenue growth.
The company reported annualized revenue exceeding US$47 billion in May. Some investors now expect that figure to reach between US$100 billion and US$120 billion by the end of 2026, representing more than a tenfold increase from the approximately US$10 billion in revenue generated during 2025.
Such rapid expansion has fuelled aggressive valuation forecasts. Anthropic’s most recent fundraising round in May valued the company at US$965 billion post-money, already making it one of the world’s most valuable private companies and placing it ahead of OpenAI’s reported US$852 billion valuation in March.
A public market debut at US$2 trillion would therefore more than double Anthropic’s valuation within a matter of months.
Why do some investors believe US$2 trillion is reasonable?
Supporters of a higher valuation argue that traditional valuation metrics may not fully capture the scale of growth occurring in the AI sector.
One investor cited by the Financial Times suggested that Anthropic’s estimated 800 per cent annual growth rate could justify a valuation multiple of at least 30 times revenue. Under that framework, Anthropic’s value could potentially exceed US$3 trillion.
The argument becomes more compelling when compared with existing high-growth AI-related stocks. Warlocks such as Palantir Technologies (NASDAQ:PLTR) and Nebius (NASDAQ:NBIS) have traded at revenue multiples approaching 55 times sales, demonstrating investors’ willingness to pay premium valuations for companies seen as leaders in the AI economy.
For bullish investors, Anthropic represents a rare combination of explosive growth, a strong technology platform, and increasing enterprise adoption.
Not everyone on Wall Street is convinced
Despite the excitement, Wall Street remains divided on whether a US$2 trillion valuation is justified.
The biggest question centres on pricing power.
Anthropic’s flagship Claude models reportedly cost roughly 2.5 times more than comparable offerings from OpenAI. At the same time, competition throughout the AI market continues to intensify, with companies regularly reducing prices as more powerful models become available.
If AI services become increasingly commoditized, investors worry that today’s growth rates may prove difficult to sustain. Maintaining premium pricing could become especially challenging as open-source and open-weight models continue to improve.
On the other hand, prominent AI investor Cathie Wood has argued that the rise of open-weight models may actually benefit leading AI developers. Her view is that greater adoption of AI across industries expands the overall market opportunity, ultimately driving more demand for the most advanced frontier models rather than reducing it.
Anthropic’s investor meetings remain high level
While valuation speculation continues, Anthropic itself has not publicly endorsed any specific IPO price target.
According to CNBC, the company’s early discussions with prospective investors have focused primarily on broad strategic themes rather than detailed financial projections or valuation expectations.
The meetings, led by chief financial officer Krishna Rao, have reportedly highlighted:
- The Claude family of AI models
- Anthropic’s enterprise AI strategy
- The success of Claude Code
- Product execution and release cadence
- Management’s long-term vision
Sources told CNBC that specific valuation discussions have not been part of these conversations.
IPO timeline still TBD
Anthropic confidentially filed its prospectus with the U.S. Securities and Exchange Commission in June, allowing the company to begin preparations for a public market debut while keeping key financial information private.
Since filing, the company has entered the customary quiet period and has been conducting preliminary “testing-the-waters” meetings with investors.
However, Anthropic has not announced an official IPO date, and management has not publicly commented on any valuation target.
As a result, the widely discussed US$2 trillion figure remains an estimate developed by investors and analysts rather than guidance from the company itself.
What should investors watch?
The big question is whether Anthropic can maintain this unreal pace of growth while defending its pricing and margins in an increasingly competitive AI market.
Several factors will likely determine how the IPO is ultimately valued:
- Revenue growth through the remainder of 2026
- Enterprise adoption of Claude and Claude Code
- Competitive pressure from OpenAI, Google, and open-source models
- Profitability and infrastructure costs
- Overall investor appetite for AI stocks
If Anthropic can approach the projected US$100 billion to US$120 billion revenue run rate by year-end, supporters believe a multi-trillion-dollar valuation could be justified. If growth begins to slow or pricing pressure intensifies, investors may demand a more conservative valuation.
Either way, Anthropic’s IPO is shaping up as a landmark event for both the AI industry and the broader stock market. Should the company ultimately debut near the US$2 trillion mark, it would set a new record for public offerings and represent one of the most ambitious valuations ever assigned to a technology company.
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