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FollowingAnthropic investors expect an IPO in October 2026 with a valuation of more than US$2 trillion, or a historical record.
It is reported that Anthropic investors expect the artificial intelligence company to conduct an initial public offering (IPO) in October 2026 with a valuation of US$2 trillion or more. If this goal is achieved, it will become the largest public market launch in history.
According to Fortune magazine, this target valuation will exceed SpaceX's previously reported IPO valuation of US$1.77 trillion. However, the timetable and final valuation have not yet been determined. Forbes pointed out that the $2 trillion figure reflects investors 'expectations, discussions are still ongoing and no final valuation has yet been approved.
Anthropic has taken formal preliminary steps before listing
Anthropic has submitted formal preliminary steps before listing with the U.S. Securities and Exchange Commission (SEC). The company announced that it had confidentially filed a draft S-1 registration statement with the SEC on June 1, 2026. In the announcement, Anthropic said the timing and completion of any IPO would depend on market conditions, and the number of shares and price were not determined.
Although Anthropic filed a draft S-1 registration statement confidentially with the SEC in June, investors have not yet received full public disclosures typically used to assess the company's finances, operations and issuance structure. Based on this incomplete public record, according to Forbes, investors expect potential IPO valuations to reach US$2 trillion. Although this figure exceeds the US$1.77 trillion IPO valuation reported by SpaceX, it is not a finalized or formally approved market value.
The final issue pricing will be carried out separately from this expectation. Anthropic has not set a share number or price and said the timing and completion of the IPO will depend on market conditions; the company has not committed to trading or completing the IPO in October.
The proposed IPO valuation far exceeds Anthropic's May benchmark
It is reported that the US$2 trillion target is a significant increase from Anthropic's newly disclosed private equity financing benchmark. According to the Associated Press, after completing a $65 billion Series H financing in May 2026, the company is valued at $965 billion. Based on these data, a $2 trillion IPO valuation would be more than double the May private equity valuation. This comparison illustrates the size of public market expectations currently attached to Anthropic, although private equity valuations and IPO valuations are set in different processes and the reported issuance targets have not yet been finalized.
The May financing round provided a near-term reference point for the market rather than a guarantee of public offering pricing. Registration materials and public market investor needs will provide new information through the IPO.
Revenue operating rate forecast is the basis of the valuation case
The valuation basis in the report is closely related to expectations of rapid revenue growth. Fortune magazine reported that investors expect Anthropic's annualized revenue operating rate to reach approximately US$100 billion to US$120 billion by the end of 2026. The forecast is higher than another figure reported by Axios, which said Anthropic's annualized revenue in 2026 has exceeded US$65 billion, according to the latest update. In the absence of more accounting details about measurement dates and revenue, these numbers should not be considered direct equivalents.
The public document is expected to provide a more comprehensive perspective on how Anthropic records revenue and its growth. These disclosures are critical to testing the operating rate assumptions that support the report's $2 trillion target, especially if the company continues with its October offering.
Disclaimer : This article is for reference only and does not constitute legal, tax, investment, financial or other advice.
