Anthropic Targets $2 Trillion IPO in October, Investors Say

Investors in Anthropic, the AI safety company behind the Claude model family, expect the startup to pursue an initial public offering in October at a valuation of $2 trillion or more - a figure that would make it the largest IPO in history, surpassing the SpaceX (NASDAQ: SPCX) listing from June 2026, according to reporting by Fortune and Qz.com on August 13, 2026.

The $2 trillion figure comes from Anthropic backers, not company executives. Anthropic has not publicly confirmed an October timeline, a valuation target, or any specific exchange or ticker. The company filed a confidential draft registration statement with the Securities and Exchange Commission on June 1, 2026, per Fortune and Yahoo Finance, keeping detailed financials private until it chooses to publish a public prospectus.

A revenue story powering the valuation case

Anthropic disclosed in May 2026 that its annualized revenue had crossed $47 billion. Institutional investors participating in the company's Series H expect that figure to reach $100 billion to $120 billion by year-end, representing growth of more than 800% year-over-year, per Fortune. The Wall Street Journal has reported that Anthropic expects a 130% revenue surge to bring it to its first operating profit.

One investor told Fortune that at a 30-times-revenue multiple - conservative by the standards of high-growth AI infrastructure companies - Anthropic's implied valuation would exceed $3 trillion. The $2 trillion target represents a discount to that revenue-based comp.

If the IPO proceeds at $2 trillion, it would eclipse the SpaceX debut: SpaceX priced at $135 per share on June 12, 2026, raising approximately $75 billion at a valuation near $1.8 trillion. SPCX currently trades around $140, implying a market cap of roughly $1.84 trillion.

Lead banks, backers, and the Series H

Morgan Stanley, Goldman Sachs, and JPMorgan Chase have been named as lead underwriters for the Anthropic offering, per Fortune. The same three firms anchored the SpaceX IPO in June.

Anthropic closed its Series H in May 2026, raising $65 billion at a $965 billion post-money valuation. The round was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners. Additional institutional investors included Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, and Fidelity Management and Research, per Anthropic. The round pushed the company's cumulative external funding to roughly $100 billion in 2026 alone.

What investors are watching before an October debut

An October IPO would give Anthropic roughly two months of roadshow preparation from mid-August. Key variables the market is tracking:

• Revenue trajectory: Whether the $47 billion annualized run rate from May holds or accelerates through the summer months ahead of an S-1 publication.
• Path to profitability: Underwriters will price the offering partly around when the first operating profit inflection arrives, per the Wall Street Journal reporting.
• SEC review timeline: Anthropic's confidential S-1 must complete the SEC review process before a public filing and formal roadshow can begin. That process typically takes eight to twelve weeks after submission.
• Institutional appetite: A $2 trillion debut requires deep demand from sovereign wealth funds, large asset managers, and index funds. The SpaceX lockup experience - where SPCX gained 21% the week following its 911.5 million share lockup expiration on August 6 - has given underwriters some read on AI-company IPO durability.

Benzinga noted that CNBC anchor Jim Cramer dismissed bubble concerns about the $2 trillion target, citing the revenue growth trajectory as the basis for the multiple.

Background: Anthropic and its IPO filing

Anthropic was founded in 2021 by Dario Amodei and Daniela Amodei, along with other former OpenAI researchers. The company develops the Claude family of AI models and focuses on AI safety research alongside its commercial products. Its run rate revenue of $47 billion annualized surpassed OpenAI's comparable figure for the first time earlier in 2026, per investor commentary cited by Fortune.

For background on the company's full funding history and earlier rounds, see the Anthropic company profile. For ongoing coverage of the IPO process, see the Anthropic Stock and IPO hub. Also see our coverage of SpaceX stock (NASDAQ: SPCX) and the OpenAI stock and IPO hub.

Not investment advice.