Investors are anticipating that Anthropic could debut on the public markets with a valuation at or above $2 trillion, which would surpass SpaceX and become the largest initial public offering in history. The AI startup, led by Dario Amodei, confidentially filed with the SEC in June and has set its target IPO window as early as September or October 2026. Morgan Stanley, Goldman Sachs, and JPMorgan are running the book for the offering.
Anthropic's post-money valuation after its latest Series H stands around $965 billion, though investors told the Financial Times that a 30-times revenue multiple could value the company at $3 trillion if growth accelerates. Annualized revenue surpassed $47 billion by May, with Claude Code alone reaching about $8 billion annualized. However, a temporary Commerce Department ban on Anthropic's Mythos models contributed to a revenue slowdown in June.
The listing arrives amid mixed public sentiment: Pew Research found in mid-June that 40% of Americans expect AI to harm society over the next two decades.