Anthropic Eyes Record $2 Trillion Valuation in IPO

Anthropic's investors are targeting a valuation of roughly $2 trillion in an initial public offering expected as soon as October, a level that would make it the largest IPO on record and eclipse the mark set by SpaceX. The reported target lands the same week the company agreed to acquire Israeli AI startup Decart for about $6 billion, one of a series of pre-IPO moves aimed at broadening its model and infrastructure stack ahead of a listing.

The number rests on an unusually steep revenue ramp rather than on comparable multiples. Backers point to an annualized run rate that moved from roughly $1 billion in late 2024 to about $47 billion by May, with expectations of $100 billion to $120 billion annualized by the end of 2026. Institutional and sovereign investors have committed close to $100 billion to the company during 2026, a round of funding that had already carried its private mark past OpenAI's for the first time in May.

A listing of that size would be a repricing event for the whole AI complex rather than a single-name story. Public-market comparables in the group include MSFT, GOOGL, and NVDA, each of which carries embedded AI expectations that a $2 trillion debut would force investors to re-benchmark. Some commentators have argued the risk-adjusted exposure is already available in the listed megacaps rather than at an IPO price set on forward revenue.

What to watch from here: whether the October window holds, the S-1 disclosure of gross margin and compute commitments behind that run rate, and the size of the float. Anthropic also carries live regulatory overhang, including a dispute with the U.S. Defense Department that labeled the company a supply-chain risk, and June export controls that briefly forced it to withdraw two frontier models. Any of those could move the timeline or the price talk before pricing.

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