Anthropic Investors See a $2 Trillion IPO Valuation
Anthropic has already filed a confidential draft S-1, but it has not set an IPO price. Backers cited by the Financial Times are modeling a $2 trillion-plus valuation on explosive growth in annualized revenue.
Anthropic’s next funding event may not be another private round. The company behind Claude has already taken the formal first step toward an initial public offering, and some of its investors now believe the public market could value it at $2 trillion or more.
The Financial Times reported that roughly half a dozen Anthropic backers expect a possible October flotation at that level. The distinction matters: $2 trillion is an investor expectation, not a price announced by Anthropic. The company said on June 1 that it had confidentially submitted a draft Form S-1 to the Securities and Exchange Commission. It also said the number of shares and the price had not been set and that an offering would depend on market conditions.
The bullish case begins with revenue velocity. Anthropic said in May that its run-rate revenue had crossed $47 billion. TechCrunch reported that the comparable figure was about $9 billion at the end of 2025. For a company that sells access to frontier AI models and tools to enterprises and developers, that represents an unusually fast shift in commercial scale.
Run-rate revenue, however, is not the same as revenue actually booked over a completed twelve-month period. It annualizes a recent pace of sales. That makes it useful for a rapidly expanding company, but it also means the number depends on the assumption that the current pace continues.
According to the FT, Anthropic investors expect annualized revenue to reach roughly $100 billion to $120 billion by the end of 2026. Anthropic itself has not publicly issued that range in the company statements available so far. Its confirmed public milestone is the $47 billion-plus run rate disclosed in May.
One investor pushed the valuation model further. The investor argued that if Anthropic were growing at roughly 800% a year, a revenue multiple of around 30 times could support a valuation near $3 trillion. At a $100 billion revenue base, the arithmetic is straightforward. The hard part is not the multiplication; it is deciding whether that growth and that multiple can persist once the company is trading in public markets.
There is a firm benchmark below those scenarios. On May 28, Anthropic announced a $65 billion Series H round at a $965 billion post-money valuation. The company said the capital would support safety and interpretability research, additional computing capacity, and the expansion of products and partnerships. It also pointed to growing enterprise use of Claude as a driver of demand.
A jump from $965 billion to $2 trillion would therefore mean a little more than doubling the last official private valuation in a matter of months. That would turn the offering into a broader referendum on how investors price frontier AI businesses whose software demand is soaring while their computing requirements remain enormous.
The next meaningful disclosure will be the public registration statement if Anthropic proceeds. That filing should provide investors with a fuller view of revenue, expenses, risks, ownership and the proposed offering structure. Until then, $2 trillion is a high-conviction investor model, not the settled market value of Anthropic.
