Anthropic Plans $100 Billion IPO with $2 Trillion Valuation Projection

Anthropic, a San Francisco-based artificial intelligence company, is preparing to launch an initial public offering (IPO) that could raise more than $100 billion and value the company at about $2 trillion, according to people familiar with the matter.

The offering would surpass the $85.7 billion raised by SpaceX in its June IPO, which was valued at $1.77 trillion. Anthropic, founded five years ago, was valued at $900 billion in a recent private funding round and filed confidentially to go public in June.

Anthropic has reported rapid revenue growth, with an annualized run rate exceeding $65 billion in July 2026, up from approximately $9 billion at the end of 2025. The company projects revenues between $190 billion and $200 billion by 2028, according to NYU finance professor Aswath Damodaran, who analyzed the company's financial prospects.

Damodaran explained that to justify a $2 trillion valuation, Anthropic would need to generate around $1.2 trillion in annual revenue within a decade, implying sustained high growth and profitability.

"Anthropic would need to grow around 25% a year for another eight years after hitting its 2028 target," Damodaran said.

This ambitious growth depends on maintaining technological leadership in AI, as market competition and political resistance could pose challenges. Public concern about AI's impact on jobs and infrastructure development has increased, leading to political pushback against data center construction.

"Negative sentiment towards AI and data centers will be listed as a risk factor in Anthropic's IPO prospectus," sources told CNBC. The company has been conducting preliminary meetings with bankers and investors to assess market appetite.

In these discussions, CFO Krishna Rao has faced questions about competition, margin pressures from open-source AI models, and potential slowdowns in data center development.

With growing public opposition to AI-related infrastructure, some U.S. states have enacted restrictions. For example, Florida’s Republican gubernatorial candidate Byron Donalds has proposed limits on data centers, while Pennsylvania’s governor recently imposed stricter development standards.

Anthropic declined to comment on the IPO details but continues to push infrastructure partners to expand capacity rapidly to meet demand for advanced AI models and services.