In its IPO roadshow, Anthropic laid out its long-term ambition: by enhancing computing efficiency and streamlining its cost structure, the company aims to push its long-term adjusted operating margin above 35%. Its current adjusted profitability remains volatile, and it has yet to achieve sustained profitability under GAAP. Seven co-founders plan to sell a combined total of roughly $1.75 billion in shares through this IPO—representing just 2.9% of the offering—while the founding team will continue to hold a substantial stake. Goldman Sachs forecasts revenue of $685 billion by 2030, far exceeding the company's current scale of operations—a projection that hinges on enterprise customer growth, computing cost containment, and the pace of AI commercialization. The IPO aims to raise up to approximately $64.4 billion, and together with a concurrent $26 billion private placement, total financing could reach as much as $90.4 billion, corresponding to a valuation of roughly $1 trillion to $1.4 trillion.