Anthropic's investors are aiming for a $2 trillion valuation when the AI company goes public in October 2026, a target that would make it the largest initial public offering in history and eclipse SpaceX's $1.77 trillion listing in June, the Financial Times reported. The company confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission on June 1, 2026, and has lined up Morgan Stanley, Goldman Sachs and JPMorgan as lead underwriters.
A 2x Step-Up From Series H
The $2 trillion figure would be roughly a 2.1x step-up from the $965 billion price at which Anthropic closed its $65 billion Series H only five months earlier. Company executives have not formally settled on a range, and people familiar with the matter cautioned that the figure reflects investor demand rather than a fixed target from the company.
Revenue Run Rate Backs The Number
Backers argue the valuation is justified by explosive top-line growth. Anthropic disclosed annualized revenue above $47 billion in May, and investors now expect the run rate to reach $100 billion to $120 billion by year-end 2026, more than a 10x increase from the beginning of the year. Second-quarter revenue reportedly surged to $11.5 billion versus $787 million a year earlier. 
The AI Infrastructure Backdrop
An Anthropic listing at that scale would land in a market already reshaped by AI. Broadcom is arranging more than $60 billion of senior debt for AI silicon tied to Anthropic and other hyperscalers, and Samsung just signed a $200 billion MOU with Broadcom for memory, foundry and packaging through 2030. The Larsen & Toubro-Together AI-Vyoma consortium is standing up a $1.57 billion NVIDIA B300 AI factory in Chennai. All of it reflects the compute demand that Anthropic's Claude franchise is helping drive.
Risks Around The Number
A $2 trillion float would set a valuation-to-revenue ratio of roughly 17x on the high end of the run-rate projection — steep even for a leading foundation model lab, and dependent on continued Enterprise API and Claude Code adoption. Compute costs, model licensing pressure from OpenAI, and export-control policy on frontier chips all remain material uncertainties heading into the roadshow window.
Reporting based on coverage from Financial Times, Fortune, Quartz and Yahoo Finance.