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Anthropic plans October IPO at $2 trillion valuation, potentially largest ever
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AI startup Anthropic, co-founded by CEO Dario Amodei, is preparing for an initial public offering in October at a valuation of $2 trillion or more, which would make it the largest IPO in history, surpassing SpaceX. The San Francisco-based company, known for its Claude AI models, has seen explosive growth with annualized revenue expected to rise over tenfold to around £100-120 billion this year. Investment banks Morgan Stanley, Goldman Sachs, and JPMorgan Chase are managing the listing. Despite booming demand, Anthropic faces tough investor questions including growing Chinese competition from DeepSeek, tensions with the Trump administration that led to brief removal of leading models, backlash against data centers, and concerns from Silicon Valley CEOs about its power over the AI ecosystem. The IPO is expected before both OpenAI and DeepSeek go public.
Source report
Just a couple of years ago, Anthropic was an underdog in the AI race. Now the San Francisco start-up, co-founded by CEO Dario Amodei, is preparing to float in October "at a valuation of $2 trillion or more," according to George Hammond in the Financial Times — "a dizzying figure that would eclipse SpaceX and make the AI lab's debut the largest-ever initial public offering."
Booming Demand
Anthropic's growth has been astonishing even by Silicon Valley standards. Valued at around $965 billion in May, when it eclipsed arch-rival OpenAI for the first time, investors believe the $2 trillion price tag is justified by booming demand for the Claude maker's advanced AI models and coding tools — especially from business clients. Annualized revenue is expected to rise more than ten times this year to approximately £100–120 billion.
The usual suspects — Morgan Stanley, Goldman Sachs, and JPMorgan Chase — are working on the listing, reported Bloomberg. If it proceeds as scheduled, Anthropic will debut not just before OpenAI, but also before DeepSeek, the Chinese AI firm that has been grabbing increasing market share.
'Tough' Questions
Growing Chinese competition is just one of the "tough investor questions" Anthropic will have to field, according to The Wall Street Journal. Other concerns include:
- Tensions with the Trump administration — which forced the company to briefly pull leading models Fable 5 and Mythos 5
- A growing backlash against data centres
- Animosity in Silicon Valley, where many CEOs are "nervous about its power over the AI ecosystem"
The recent sell-off in SpaceX's shares after an early pop has also "reminded investors of how turbulent moving from private to public markets can be."
Still, for the moment, Anthropic is lifting "Wall Street's animal spirits," said Due Diligence in the FT. Come autumn, the street will be buzzing.
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Anthropic Prepares for Potential $2 Trillion IPO in October 2026