Anthropic Could Go Public at a $2 Trillion Valuation — Bigger Than SpaceX’s Record IPO

Anthropic investors reportedly expect the AI company to go public in October at around a $2 trillion valuation, according to the Financial Times — a figure that would top SpaceX’s roughly $1.8 trillion valuation from its own IPO earlier this summer, already the largest public offering on record. The $2 trillion number comes from financial models built by outside investors rather than a figure Anthropic’s own executives have settled on internally.

The case investors are making rests on growth: Anthropic’s annualized revenue — a metric that extrapolates recent sales pace over a full year — is projected to reach $100 billion to $120 billion by the end of 2026, more than ten times where it stood at the start of the year. That follows a May funding round that valued the company at $965 billion, surpassing OpenAI’s valuation at the time.

The risk side is worth weighing against that headline number: intensifying competition from cheaper models coming out of China, regulatory uncertainty after Anthropic had to take two of its most advanced models offline for several days in June, and the broader question analysts keep raising about whether AI model providers are burning cash faster than they’re building a clear path to profitability. SpaceX’s own post-IPO stretch — a strong debut followed by a rocky few months before recently stabilizing — is a useful reminder that a record valuation at listing and a smooth ride afterward aren’t the same thing. For a diversified plan, that’s the practical takeaway regardless of how the actual IPO prices: exposure to a theme like AI infrastructure doesn’t require betting the outcome on a single headline number.