Anthropic is considering an initial public offering that could match or exceed SpaceX’s record-setting $86 billion share sale, according to Bloomberg, potentially making it the largest IPO in history.
The artificial intelligence company’s prospects have been fuelled by a sharp increase in revenue and expectations of further rapid growth, with bankers and investors reportedly discussing a valuation of as much as $2 trillion.
Anthropic was valued at $965 billion in a $65 billion private funding round in May. At that valuation, an $86 billion offering would represent about 9% of the company.
A valuation of $1.5 trillion would reduce the proportion to roughly 5.7%, while a $2 trillion valuation would mean selling just over 4% of the company to raise the same amount.
Anthropic’s latest revenue figures provide a basis for the lofty valuation expectations. Its annualised revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and about $9 billion at the end of 2025.
The company is reportedly forecasting revenue of between $190 billion and $200 billion in 2028. If achieved, the projection would give Anthropic a much stronger case for a trillion-dollar or higher valuation.
At a $2 trillion valuation and $200 billion in annual revenue, Anthropic would trade at about 10 times sales, a high multiple but one that could be supported by exceptional growth.
However, profitability remains a significant concern.
Anthropic generated only about $10 billion in revenue in 2025 and reportedly lost nearly $42 billion that year as it increased spending on computing infrastructure, AI model development and talent.
The company did record positive adjusted operating income in the second quarter, signalling progress towards improved operating economics. Investors, however, are likely to scrutinise whether its rapid revenue growth can eventually translate into sustainable profits and free cash flow.
The issue could become more important as concerns grow over the scale of spending across the AI industry. Technology companies and AI developers are committing hundreds of billions of dollars to data centres, advanced chips and power infrastructure, while the long-term returns on those investments remain uncertain.
SpaceX has set a formidable benchmark for Anthropic.
The company raised $75 billion when it went public in June at a valuation of about $1.75 trillion. Its proceeds later increased to roughly $86 billion after underwriters exercised their overallotment option.
SpaceX sold its shares at $135 each, with demand reportedly exceeding the number of shares available.
Anthropic could technically surpass that figure without selling a large portion of its equity. At a valuation between $1.5 trillion and $2 trillion, raising more than $85 billion would require a float of roughly 4% to 6%.
The bigger challenge will be whether public-market investors are prepared to commit that level of capital to a company whose valuation depends heavily on continued AI spending and rapid future growth.
Unlike SpaceX, whose businesses include Starlink and launch services, Anthropic would offer investors a more concentrated bet on the future economics of frontier artificial intelligence.
A successful IPO would therefore depend not only on Anthropic maintaining its rapid revenue growth but also on convincing investors that its heavy infrastructure and development costs will eventually produce substantial operating leverage.
If its forecast of $190 billion to $200 billion in 2028 revenue proves broadly accurate, Anthropic could have a credible path to a valuation of $1 trillion or more.
But a slowdown in investor enthusiasm for large-scale AI investment could make a record-breaking IPO considerably harder to achieve.
For Anthropic, the central question is therefore not whether it can generate extraordinary growth, but whether public markets will be willing to place an unprecedented value on that growth while the company continues to spend heavily to achieve it.
