Anthropic targets $2T valuation for potential October IPO

Anthropic, the company behind Claude, is quietly preparing what could become the single largest initial public offering ever. The AI company is targeting a valuation north of $2 trillion, a number that would leapfrog SpaceX’s record-setting debut from earlier this year. The offering is tentatively slated for October, though scheduling logistics may push it into November. The numbers behind the hype Anthropic’s annualized revenue run-rate climbed from roughly $47 billion in May to approximately $65 billion by July. That’s nearly 40% growth in two months. By the end of 2026, estimates peg the run-rate somewhere between $100 billion and $120 billion. At a $2 trillion valuation, that would price the company at roughly 17 to 20 times its projected annual revenue. Anthropic’s most recent private financing round, a $65 billion Series H in May, valued the company at $965 billion post-money. So the IPO target effectively represents a doubling from that already staggering figure in the span of a few months. Morgan Stanley, Goldman Sachs, and JPMorgan are leading the offering. The slight delay from the original timeline stems from a need to incorporate updated financial disclosures. Anthropic...