Such a valuation would put the five-year-old AI company ahead of SpaceX and potentially make its initial public offering the largest in history, Anadolu Agency reported.
Six investors familiar with Anthropic said that the company’s rapidly expanding revenue could justify more than doubling its current valuation.
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Investors reportedly expect Anthropic’s annualized revenue to reach between $100 billion and $120 billion by the end of 2026. That would represent more than tenfold growth over the course of the year.
One investor told the newspaper that if Anthropic maintains growth of around 800% annually, the company could potentially command a valuation of $3 trillion based on a multiple of 30 times revenue.
Anthropic has yet to establish an official valuation target for a potential IPO, according to investors cited by the report. However, its backers argue that strong demand for its AI models and enterprise tools could support an exceptionally high market value.
The company has no direct publicly traded US AI-lab equivalent, leaving investors to compare it with firms such as Palantir and Nebius, which have traded at much higher revenue multiples this year.
Still, Anthropic faces several challenges that could complicate its path to a blockbuster listing.
Revenue growth reportedly slowed in June, with two investors familiar with the situation attributing the slowdown partly to a temporary US Commerce Department ban affecting Anthropic’s leading AI models.
The company has also faced tensions with the Trump administration and remains involved in a legal dispute with the US Department of Defense.
Another concern is the enormous cost of developing and running advanced AI systems. According to the Financial Times, Anthropic’s leading model costs more than 2.5 times as much to use as OpenAI’s flagship model, while Chinese open-weight AI models are available at a fraction of the price.
Anthropic filed paperwork with the US Securities and Exchange Commission in June, placing the company in a quiet period ahead of a possible public listing.
If the IPO goes ahead at anything close to the valuation investors are discussing, Anthropic could emerge as one of the world’s most valuable AI companies almost overnight — and potentially set a new record for the biggest stock market debut ever.
