Anthropic's investors are banking on a $2 trillion valuation and a record-breaking IPO — FT

Anthropic's investors expect the AI giant to go public in October with a valuation of $2 trillion, according to the Financial Times. If so, it would surpass SpaceX's listing and become the largest IPO in history.

Anthropic’s rapidly growing revenue, driven by demand for the startup’s cutting-edge AI models, will allow it to more than double its current valuation during the offering, according to “half a dozen investors” cited by the FT. The publication’s sources predict that by the end of 2026, the company’s annual revenue could increase more than tenfold, reaching between $100 billion and $120 billion. This refers to annualized revenue, which estimates future sales based on current growth rates.

“If Anthropic is growing at a rate of 800% per year, then even by an incredibly conservative estimate, we can assume that the company will trade at a multiple of 30 times revenue,” one investor told the FT. “That would bring its value to $3 trillion.” Anthropic has no public counterpart that could serve as a benchmark for its valuation. Companies considered beneficiaries of the AI boom, including Palantir and Nebius, have traded at a revenue multiple of roughly 55 this year, the newspaper notes.

Several investors said they are developing their own financial models, as Anthropic’s top executives have not yet set a target valuation for the IPO, even in private conversations. Anthropic declined to comment to the FT.

An IPO with such a valuation could bring early shareholders billions of dollars in profits, but at the same time, it will be a test for the public market, which is increasingly concerned about the scale of the AI boom, the publication notes.

This article was AI-translated and verified by a human editor