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FollowingKey Points
Anthropic is expected to show investors an addressable market of more than $30 trillion to provide the basis for preparing for a potentially record-setting IPO that is expected to raise more than $100 billion.
Bankers have discussed raising more than $100 billion at a valuation close to $2 trillion, which would exceed the size of previous IPOs.
Rapidly growing revenue supports the plan, but computing costs, political resistance and high borrowing costs remain significant risks for investors.
Anthropic IPO
According to a report on August 25, Anthropic's proposed valuation of US$30 trillion is equivalent to the theoretical annual revenue that can be achieved if its AI model can capture all relevant work that may be eventually performed. This number exceeds the $28.5 trillion market opportunity SpaceX proposed before its IPO. Anthropic could release its prospectus before the end of August, and bankers have discussed raising more than $100 billion at a valuation close to $2 trillion. SpaceX raised $85.7 billion in June, after Saudi Aramco's 2019 $25.6 billion offering had long been regarded as an IPO benchmark. If the proposed clause holds, Anthropic will transcend both. Initial revenue for the second quarter exceeded $11.5 billion and adjusted operating profit turned positive, but these numbers have not yet been audited and high computing expenses may lead to losses in subsequent quarters.
Damodaran valuation
This scale raises questions. The 191 technology companies in the S & P 1500 index had revenue of approximately $2.4 trillion last year. Aswath Damodaran, a professor of finance at New York University, has previously said that SpaceX's proposed $26 trillion AI market valuation has entered the "fantasy land of AI." Venture capitalist Chamath Palihapitiya pointed to anti-AI sentiment, opposition to data centers and high government bond yields as threats to broader AI construction. Texas, Pennsylvania and New York have tightened data center regulations or censorship, while Anthropic relies on Amazon and Google for computing power and reportedly plans to include negative AI sentiment as an IPO risk. Anthropic's annualized revenue operating rate rose from approximately US$9 billion at the end of 2025 to more than US$65 billion at the end of July, after a previous valuation of US$965 billion in a round of financing in May. Even its 2028 forecast of US$190 billion to 200 billion is still 1% below the proposed US$30 trillion market.
