Anthropic backer sees IPO trading at $2.3 to $2.4 trillion, topping SpaceX

The prediction lands while the business world waits for Anthropic to file its S-1, the registration document that would formally start the IPO process. The investor Fortune spoke to is one of the early backers who bought in when Anthropic looked like an enterprise bet rather than a consumer one, and his case rests on that positioning: he describes the company as perceived as the top name in foundation models, a general-purpose platform trained on giant datasets for uses from large language models to robotics and agentic workflows. Claude, he says, was the hit that validated the bet.

His comparison to OpenAI turns on the same split. OpenAI moved more toward consumers, Anthropic more toward enterprise, and Anthropic draws around 80% of revenue from enterprise customers while OpenAI's business side has reached around half of total sales. He also cites tone, saying Anthropic has a little more soul and that Dario Amodei is principled about the kind of company he wants.

He argues Anthropic's story will play out faster than SpaceX's, which he frames as a bet on Elon Musk, describing Anthropic as the fastest-growing company in history and saying it can afford to slow down and still hold huge value. He also expects prices to come down because of open models and that not everything will be done on foundation models, even as usage keeps growing.