Anthropic, maker of Claude, may seek a $2 trillion IPO. That is 30 times its current revenue.
Its growth is rapid, with revenue up ninefold.
The author is interested but cautious.
What happened
Anthropic, the developer of the Claude AI chatbot, is reportedly targeting a $2 trillion IPO valuation, which would be 30 times its annualized revenue run rate of $65 billion as of the end of July.
Why it matters
That valuation would top SpaceX's recent IPO pricing at $1.8 trillion, and Anthropic's revenue growth is remarkable—its run rate was only about $9 billion at the end of 2025, marking a ninefold increase year-over-year. The company also reported its first operating profit in the second quarter.
What to watch
If Anthropic goes public, the author plans to watch for a post-IPO pullback, as data shows only nine of 36 large IPOs outperformed the S&P 500. The company projects 2028 revenue of $190 billion to $200 billion, which would make the valuation roughly 10 times that figure.
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