Anthropic investors reportedly eye $2 trillion valuation in record October IPO

Anthropic’s early investors reportedly expect the artificial-intelligence developer to target a valuation of at least $2 trillion in an initial public offering as soon as October 2026, according to people familiar with the projections. A listing at that level would be the largest IPO ever completed, surpassing SpaceX.

The figure comes from six of Anthropic’s backers, not from the company. Senior executives have reportedly not set an IPO valuation target even in private conversations, and both the timing and the price remain under discussion — a gap that separates investor enthusiasm from anything Anthropic has committed to.

The projection rests on steep revenue assumptions. Investors reportedly expect Anthropic’s annualized revenue to reach $100 billion to $120 billion by the end of 2026, up from the more than $47 billion the company disclosed in May 2026. Anthropic was valued at $965 billion in a funding round that same month, making a $2 trillion debut roughly a doubling in under a year.

Those assumptions carry visible risk. Revenue growth reportedly slowed in June 2026 after the US Commerce Department imposed a temporary export control on Anthropic’s most capable models, though investors say business later rebounded. None of the revenue or valuation figures has been confirmed by Anthropic, which has not announced an IPO.

The talk hardens a months-old signal: Anthropic began preparing for a public listing over the summer, before any specific number attached to it. A $2 trillion target would price Anthropic above most public technology companies before it has priced a public offering.