❯ Anthropic Reportedly Plans October Listing; Investors See $2 Trillion Valuation, an IPO Record

QUIET-PERIOD PRICEThe Financial Times, citing six investors in Anthropic, reports that the company expects to list in October, with valuation expectations starting at $2 trillion — surpassing SpaceX, which listed in June at $1.77 trillion, and becoming the largest IPO in history. The company confidentially filed its IPO documents with the U.S. Securities and Exchange Commission in June and is currently in the quiet period, having raised nearly $100 billion year-to-date.

REVENUE SLOPEUnderpinning that figure is the revenue curve: annualized revenue has climbed from $1 billion at the end of 2024 to $47 billion in May, and investors expect it to reach $100 billion to $120 billion by December — more than 10x growth for the full year. After the latest funding round in May, the valuation had already reached $965 billion, at one point surpassing OpenAI.

CAVEATNote the distinction: the $2 trillion figure is an investor expectation, not a company quote. According to the report, Anthropic executives have given no valuation target even in private discussions; the final price will be hammered out between underwriters and institutional buyers during the roadshow.

PRICING ANCHORShould it materialize, this would be the first time the public market has put a price tag of this size on a pure-play model company, and all AI companies’ primary and secondary market valuations would take it as a benchmark from then on. Fund managers holding stakes in OpenAI and xAI will have one more tradable anchor at hand when they next revalue their positions to fair value.

▪ SIGNALThe $2 trillion is a psychological price level investors backed out from the revenue slope; the October pricing window will test whether that slope still holds in the public market.