Anthropic plans historic IPO at a valuation that could top $2 trillion

Anthropic, the AI lab behind the Claude models, has confidentially filed for a US initial public offering. The company is projecting a valuation that could exceed $2 trillion. That figure would be more than double what investors paid just months ago. The numbers behind the filing Start with the valuation jump. In May 2026, Anthropic closed a $65 billion Series H round at a post-money valuation of $965 billion. The IPO target of more than $2 trillion would more than double that mark in a matter of months. The offering could potentially raise around $100 billion, which would eclipse SpaceX’s record. Revenue is the part investors will fixate on first. The prospectus indicates the company anticipated nearly twelvefold growth, reaching approximately $4.6 billion in 2025. Anthropic’s annualized run rate topped $65 billion by July 2026, and its projections aim toward $100 billion to $110 billion by year-end. A run rate, for the uninitiated, takes a recent stretch of revenue and extends it across a full year. It is a snapshot of momentum, not a record of money already banked. Then come the losses. Anthropic expected an operating loss of $8.06 billion in 2025. The net loss was nearly $42 bi...