Public Investors Peg Anthropic’s Potential IPO Valuation Near $2 Trillion

Anthropic is attracting extraordinary interest from prospective public-market investors ahead of its planned initial public offering, with several investors reportedly viewing the company as worth between $1.8 trillion and $2 trillion. The valuation would more than double Anthropic’s $965 billion valuation from its May funding round and could make the Claude developer one of the largest companies to ever enter public markets. The company is now considering a listing as early as mid-November, although the timetable remains subject to change.

The valuation expectations are being driven primarily by Anthropic’s rapid revenue growth. The company generated approximately $4.6 billion in revenue during 2025, compared with $386 million the previous year. Its annualized revenue run rate then accelerated sharply during 2026, surpassing $47 billion in May and reportedly reaching more than $65 billion by the end of July. Investors are therefore looking far beyond the company’s current financial results and placing significant value on its expected future expansion.

Anthropic’s financial position nevertheless presents substantial risks. The company reported a net loss of almost $42 billion in 2025, although more than $34 billion of that figure was attributed to changes in the fair value of its liabilities rather than ordinary operating expenses. Its operating loss exceeded $8 billion, while the company expects to take on enormous future spending commitments for cloud computing and infrastructure. Its IPO prospectus disclosed approximately $518 billion in future cloud, computing and infrastructure obligations.

Investors are also basing their calculations on ambitious future revenue projections. Anthropic is reportedly forecasting roughly $190 billion to $200 billion in revenue for 2028, a dramatic increase from its current run rate. The company’s ability to improve margins as it scales will be crucial because operating increasingly powerful AI models requires enormous amounts of computing capacity. If AI inference becomes more efficient and revenue grows faster than infrastructure costs, Anthropic could potentially move toward much stronger profitability.

Anthropic is expected to meet prospective investors at its San Francisco headquarters on October 14 as preparations for the offering continue. Reports indicate that formal IPO marketing could begin during the week of November 9, potentially allowing the company to begin trading before the November 26 Thanksgiving holiday. However, the schedule and eventual valuation are not final. The IPO will ultimately test whether public investors are willing to accept Anthropic’s enormous growth expectations and infrastructure commitments in exchange for exposure to one of the world’s leading AI companies.