Anthropic Chases SpaceX IPO Record with Unprecedented Growth

Anthropic is emerging as a potential disruptor in the tech IPO landscape, potentially even surpassing SpaceX's record-breaking $86 billion haul. However, according to PitchBook senior analyst Harrison Rolfes, Anthropic may need to achieve Microsoft-like gross margins of around 70% to sustain its massive computing commitments.

The company has reportedly committed over $80 billion to computing capacity through deals with Lambda and Nscale, but currently operates on a gross margin of approximately 44%, significantly lower than its peers. Rolfes believes that to survive its long-term commitments, Anthropic needs to increase its margins to 70%.

Anthropic's annualized revenue run rate has surged to over $65 billion in July, representing about one-third of the company's projected 2028 revenue. The AI giant's growth is largely driven by Claude Code, which exceeded a $2.5 billion run rate in February and accounts for 80% of Anthropic's revenue.