Multiple investor sources indicate that Anthropic, a five-year-old AI startup, is gearing up for a public listing in October this year, with a valuation that could hit $2 trillion or even surpass it. If the IPO proves successful, it would mark the largest initial public offering in history. Early investors stand to gain billions of dollars in returns, but they will also be subjected to the intense scrutiny of the public market. Anthropic has witnessed explosive revenue growth, with investors forecasting its annualized revenue to climb to between $100 billion and $120 billion by the end of 2026—a more than tenfold increase from the previous year. If the company achieves an 800% growth rate, its market value could conservatively be pegged at $3 trillion. Currently, there are no direct counterparts to Anthropic on the U.S. stock market, making it difficult to establish a fair valuation benchmark.
This year, Anthropic has consistently outperformed its competitors, OpenAI and Google. In May, its annualized revenue surpassed $47 billion, and its valuation soared to $965 billion, eclipsing OpenAI. However, Anthropic is not without its challenges. The company has previously had clashes with the Trump administration and is currently embroiled in a prolonged legal dispute with the U.S. Department of Defense. In June, due to export control measures imposed by the U.S. Department of Commerce, Anthropic temporarily suspended its flagship large-scale model, sparking concerns among its client base. Moreover, as corporate spending on AI reaches its limits, customers are increasingly seeking more cost-effective solutions, presenting another hurdle for Anthropic. In June, the company experienced a slowdown in revenue growth due to regulatory pressures, but it has since bounced back, now commanding a larger market share among U.S. enterprise clients. Anthropic submitted its IPO application to the U.S. Securities and Exchange Commission (SEC) in June and has now entered a quiet period.