Anthropic, the maker of the Claude chatbot, has confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering that bankers and investors circling the deal believe could value the company at close to $2 trillion, according to Reuters, the Financial Times and other outlets tracking the process.
That figure isn’t coming from Anthropic itself. The company’s last private funding round in May priced it at roughly $965 billion. The $2 trillion number is what people close to the process say Morgan Stanley, Goldman Sachs and JPMorgan, the banks reportedly competing for lead roles on the offering, have floated to prospective investors based on where Anthropic’s revenue is headed.
The revenue math behind the number
Anthropic’s annualized revenue run rate hit roughly $65 billion by the end of July, up from about $9 billion at the close of 2025, according to figures cited in the reporting. Getting to a $2 trillion valuation would require the market to believe that growth keeps compounding toward projected 2028 revenue in the $190 billion to $200 billion range, a bet on enterprise AI spending continuing to accelerate rather than plateau.
Amazon and Google, which together hold roughly a third of Anthropic’s equity through prior investments, would see the value of their stakes balloon if the offering prices anywhere near that range. Both companies have also committed to supplying Anthropic with cloud computing capacity, arrangements that tie their own AI infrastructure bets to Anthropic’s public-market debut.
A test case for the whole AI trade
Anthropic is reportedly targeting an October listing, though the timeline depends on SEC review and market appetite, and no date has been confirmed publicly. The offering would arrive months after SpaceX’s own record-setting IPO priced the rocket company near $1.78 trillion, a deal that investors are already using as the benchmark for whether public markets will pay founder-story premiums for capital-intensive tech bets.
If Anthropic prices anywhere close to the $2 trillion figure, it would rank among the largest public offerings in history for a company that, by its own admission, is still spending enormous sums on compute to stay competitive with OpenAI and Google’s Gemini. If the number comes in lower, expect a wave of second-guessing about whether the entire AI valuation boom got ahead of itself.
Sources: Yahoo Finance · PYMNTS · CNBC
