4 minBusiness
Anthropic Backers Model a $2 Trillion IPO, but No Price Is Set
Anthropic has filed confidentially for a public offering and was last valued at $965 billion. Investors cited by the Financial Times are using rapid annualized revenue growth to argue for a valuation at least twice as high.
Anthropic is formally preparing for a possible initial public offering, but the most eye-catching valuation attached to that process remains an investor estimate rather than a company target.
The Financial Times reported that roughly half a dozen Anthropic backers expect the maker of Claude to go public at a valuation of $2 trillion or more, potentially in October. The report also said the company’s senior executives had not yet fixed an IPO valuation target. That distinction is important at a stage when price discovery has not begun.
Anthropic confirmed on June 1 that it had confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission. The company said the number of shares and the offering price had not been determined. It also said a public offering would depend on market conditions and other factors.
The last official valuation came only days earlier. On May 28, Anthropic announced a $65 billion Series H financing at a $965 billion post-money valuation. That is the firmest benchmark currently available. A $2 trillion IPO would represent more than a doubling from that private-market price.
Investors are looking at revenue growth to justify the gap. Anthropic said its run-rate revenue had crossed $47 billion earlier in May. TechCrunch reported that the figure was approximately $9 billion at the end of 2025. The increase reflects the fast expansion of demand for Claude among enterprises, developers and other users.
Run-rate revenue should not be confused with revenue recognized over a full fiscal year. It annualizes a recent pace of sales. The measure can capture current momentum more quickly than trailing results, but it also assumes that a recent pace can be sustained.
According to the FT, investors expect Anthropic’s annualized revenue to reach $100 billion to $120 billion by the end of 2026. Anthropic has not publicly issued that range as company guidance in the statements available so far. The forecast belongs to the investors making the valuation case.
One backer offered an even more aggressive model, arguing that growth around 800% could support a revenue multiple around 30 times and therefore a valuation near $3 trillion. That scenario illustrates how sensitive the valuation is to assumptions. A high multiple becomes far harder to defend if growth slows, infrastructure costs rise faster than sales, or competitive pricing pressure increases.
Anthropic’s own funding announcement makes clear that growth is capital intensive. The company said the Series H proceeds would help expand compute, products and partnerships while supporting safety and interpretability research. It cited broad enterprise adoption of Claude as a reason for the rising demand.
If the company proceeds with the IPO and publicly files its S-1, investors should receive a much fuller financial record. That document, rather than the current private forecasts, will provide the basis for assessing revenue quality, costs, risks and ownership. For now, $2 trillion is a serious expectation among some shareholders, but not a settled valuation.
