Anthropic Aims for Record-Breaking IPO with Potential Valuation of Over $2 Trillion

Anthropic, an AI company behind the Claude family of models, is gearing up for what could become the largest initial public offering (IPO) ever. The company filed a draft registration with the SEC on June 1, 2026, and current projections suggest it could raise more than $86 billion, surpassing SpaceX's $75 billion IPO record.

The projected figure is already sparking market discussions about potentially exceeding $100 billion, which would also put its valuation at over $2 trillion. Morgan Stanley, Goldman Sachs, and JPMorgan Chase are set to be underwriters for the listing on Nasdaq by late September or early October 2026.

Anthropic's IPO structure includes a unique component: existing investors and employees may be allowed to sell shares. Extended lockups are reportedly being considered. The company's most recent private raise, a $65 billion Series H that closed in late May 2026, valued Anthropic at $965 billion, exceeding rival OpenAI's $852 billion valuation.

Anthropic's revenue growth is fueling the frenzy around its IPO. At the end of 2025, the company's annual revenue run-rate sat at approximately $9 billion. By mid-to-late 2026, that figure is projected to land somewhere between $47 billion and $65 billion. Investor projections estimate revenues could reach $100 billion to $120 billion by the end of 2026.