TL;DR

  • Anthropic investors expect an IPO at over $2 trillion in October 2026
  • The company was most recently valued at nearly $965 billion in May 2026
  • Annualized revenue is expected to reach $100–120 billion by the end of 2026
  • Critics warn of bubble risk, while others point to real revenues that distinguish AI from the dot-com era

IPO could shatter all records

AI company Anthropic is preparing for what could become the largest initial public offering in history. According to the Financial Times, the company's investors expect a listing at a valuation of $2 trillion or more in October 2026. That would surpass even SpaceX and place the company among the world's most valuable businesses from day one.

The company confidentially submitted a draft registration document (Form S-1) to the U.S. Securities and Exchange Commission as early as June 1, 2026, confirming plans for a public listing in the fall.

$965B
Most recent private valuation (May 2026)
$2T+
IPO target according to investors
Anthropic aims for the largest IPO in stock market history - Bilde 1

Explosive growth across multiple funding rounds

Anthropic's valuation growth has been remarkably swift. From a valuation of $61.5 billion following its Series E in March 2025, the company rose to $183 billion in September of that year, then to $380 billion in February 2026, and further to nearly $965 billion after a $65 billion Series H round in May 2026. With this, Anthropic surpassed rival OpenAI to become the most valuable pure-play AI company in the world.

The company's annualized revenue run rate crossed $47 billion in May 2026, and analysts expect annualized revenue to land between $100 and $120 billion by year-end.

From $61 billion to nearly $1 trillion in 14 months – and now investors are aiming for double that at the IPO.
Anthropic aims for the largest IPO in stock market history - Bilde 2

Real revenues – but major unanswered questions

Despite impressive growth figures, there is considerable uncertainty surrounding Anthropic's actual profitability. The company has not published audited financial statements in accordance with GAAP, leaving investors without visibility into margins and cost development, analysts cited by SmartAsset note.

The company also faces other challenges. In June 2026, U.S. authorities ordered Anthropic to shut off foreign users' access to two of its models, temporarily dampening revenue growth. In addition, according to research materials, the company is in a dispute with the U.S. Department of Defense, which has characterized Anthropic as a supply chain risk. Competition from cheaper Chinese AI systems adds further pressure on pricing strategy – Anthropic's leading model reportedly costs more than 2.5 times as much to use as OpenAI's comparable product.

Dot-com ghost or new reality?

Comparisons to the dot-com bubble surface regularly in the debate. Investor Michael Burry – known for predicting the 2008 financial crisis – has warned that massive investments in data infrastructure could outpace actual demand. Robert Farago at Hargreaves Lansdown has characterized AI as "fertile ground for a bubble," as the market is defined by a transformative technology whose winners have yet to be determined.

Other experts are more optimistic. JPMorgan has emphasized that today's AI companies, unlike many dot-com companies, actually generate "substantial revenues and positive margins." Jerome Powell has also stated that the AI sector is producing "real revenues" and contributing to economic growth. CNBC commentator Jim Cramer has gone so far as to defend a $2 trillion valuation, provided it is supported by the anticipated revenue growth.

One key difference from the dot-com era is that today's AI investments are largely funded by established technology companies with solid cash flows, not solely by speculative capital. The average forward P/E for the largest AI data center investors stands at around 26 times – compared to nearly 70 times for the four leading technology companies at the peak of the dot-com bubble.

The ultimate test will come when Anthropic opens its books to the public through the S-1 process. Until then, the astronomical valuation rests primarily on investors' confidence in the company's future growth trajectory.