Anthropic investors are anticipating an initial public offering (IPO) in October that could see the AI lab valued at $2 trillion or higher, potentially making it the largest IPO in history, surpassing SpaceX's $1.77 trillion debut in June. This targeted valuation is more than double the company's $965 billion valuation from its Series H funding round in May. This comes as Anthropic confidentially filed for an IPO with the Securities and Exchange Commission in June.
Despite the ambitious valuation, Anthropic is not yet consistently profitable. To justify a $2 trillion valuation based on typical Nasdaq 100 multiples, the company would need to achieve annual profits of $59 billion to $79 billion. While Anthropic's second-quarter 2026 revenue is projected to more than double to $10.9 billion, and the company is expected to post an operating profit for the first time, operating profit does not account for interest or taxes, meaning net income would still be lower.
However, Anthropic's revenue growth has been substantial, with its run-rate revenue jumping from about $9 billion at the end of 2025 to $47 billion by mid-May. Investors are projecting this figure to reach between $100 billion and $120 billion by the end of 2026, driven by strong enterprise adoption of its Claude chatbot and related tools. This rapid growth, along with its perceived leadership in AI performance, is cited by investors as justification for the lofty valuation, with some even suggesting a $3 trillion valuation based on revenue multiples of comparable AI beneficiaries.
