Anthropic's Revenue Surge Fuels Talk of Record $2 Trillion IPO
Anthropic is heading toward a possible October stock market debut with investors increasingly convinced the Claude maker deserves a valuation north of $2 trillion, which would make it the largest IPO ever, eclipsing SpaceX. According to documents reviewed by Bloomberg, Anthropic told prospective investors its second-quarter revenue jumped more than 14-fold year over year, hitting over $11.5 billion in the most recently completed quarter, up from $787 million a year earlier and $4.73 billion in the first quarter of 2026, with the company reporting positive adjusted operating income for the period. That growth is underpinning investor bets described to the Financial Times and reported by PYMNTS, where backers expect Anthropic's annualized revenue to reach between $100 billion and $120 billion by year-end, a trajectory one investor said could justify a valuation as high as $3 trillion using conservative software-industry multiples. Forbes noted the math implies roughly 20 times sales at the low end, a level that is expensive but not unprecedented given how central investors believe AI has become to enterprise software budgets. The pitch is not without risk: Anthropic's flagship model costs markedly more to run than OpenAI's top offering, cheaper Chinese open-weight rivals are squeezing margins, and the company's revenue growth had already slowed once this year after a temporary U.S. Commerce Department export restriction. Anthropic has not confirmed a target valuation, and the timeline could still shift.