Investors hope Anthropic would be valued at $2trn or more – doubling its initial target and dwarfing SpaceX on the way.
Anthropic’s upcoming blockbuster initial public offering could match or exceed funds raised by SpaceX, more sources have confirmed with Bloomberg, as the five-year-old AI company reportedly aims for a listing as soon as the end of August.
Earlier this month, the Financial Times reported investors’ expectations that Anthropic would be valued at $2trn or more – doubling its initial target of $1trn and dwarfing SpaceX as the largest public listing in history.
Details of the IPO plans have been kept guarded, with the company yet to fix on a valuation. Anthropic was last valued at $965bn after a $65bn Series H in May.
Backers – including venture capitalists, other industry giants and institutional investors – have poured nearly $100bn into Anthropic just this year, fuelling the business as it looks to build its own AI chips to keep up with the surging demand for its AI products.
The company’s state-of-the-art Claude models are a repeat headline-maker, competing for industry dominance with its biggest rival, OpenAI, which also hopes to go public soon.
And despite the growing crop of cheaper Chinese models – especially in the open weights category – showcasing similar capabilities, investors seem confident in their support for the US giant.
Last month, AMD pledged $5bn to Anthropic and gave the AI giant access to 2GW of its latest-generation chips. In April, Amazon announced plans to invest $25bn into Anthropic – and Anthropic, in turn, pledged to spend around $100bn on the e-commerce juggernaut’s cloud technologies.
The AI giant does not share figures on its user-base, but Statista placed total Claude monthly users globally at around 245m as of June. Comparatively, OpenAI’s ChatGPT reached 1bn users in May.
Anthropic trumped OpenAI’s valuation earlier this year, owing to its growing share of the more lucrative enterprise sector. A March analysis found that Anthropic was capturing more than 73pc of first-time enterprise AI customers, with OpenAI only holding around 26pc.
These expectations for massive valuations come as a result of Anthropic’s rapidly growing revenue, which reportedly hit roughly $11bn in the second quarter of this year – more than double the $4.8bn of the first quarter.
The company posted a net loss of $42bn for the entirety of 2025. Despite this, backers expect rapidly growing sales to reach an annualised revenue of between $100bn and $120bn this year.
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