Anthropic investors eye $2trn valuation in record October IPO
What's the deal? AnthropicDealroom has a profile for this one. Try Dealroom → could float at a valuation of $2trn or more in its planned October initial public offering, investors told the Financial Times. That figure would double initial targets of $1trn and eclipse SpaceXDealroom has a profile for this one. Try Dealroom → as the largest IPO in history.
Why now? The AI company, which filed to go public in June, is riding rapidly rising revenue. Backers expect its annualised revenue to hit between $100bn and $120bn by the end of 2026 — up more than 10 times over the course of the year.
By the numbers: Anthropic's revenue reached nearly $11bn in the second quarter, more than double the $4.8bn of the first quarter. Its valuation leapfrogged rival OpenAI's for the first time in May, reaching $965bn.
What's the endgame? The five-year-old company, led by chief executive Dario Amodei, is pouring money into building its own AI chips to meet surging demand. Backers — including venture capitalists, sovereign wealth funds and other institutional investors — have poured just under $100bn into the company in 2026.
Last month, AMDDealroom has a profile for this one. Try Dealroom → pledged $5bn to Anthropic in a deal granting it access to 2GW of AMDDealroom has a profile for this one. Try Dealroom →'s latest chips. In April, Amazon announced plans to invest up to $25bn, with Anthropic pledging to spend around $100bn over the next 10 years on Amazon's cloud technologies.
What could go wrong? Public markets are growing more nervous about the AI boom, and Anthropic faces mounting competition from cheaper Chinese models. It also remains in active litigation against the US government, which labelled it a supply-chain risk and temporarily banned two of its top models via export controls — an episode that dented June revenue before the company rebounded.
The signal: Anthropic lacks a publicly listed US peer to benchmark against, leaving investors to build their own bullish models. "If Anthropic is growing 800 per cent a year, you'd think at the incredibly low end they would trade at 30 times [revenue]," said one investor. "That would make them a $3tn company."
Read more: Silicon Republic · Financial Times
Image credit: RyanDonegan
