Foreign Media: Anthropic's IPO Valuation May Reach $2 Trillion

Foreign media reports that Anthropic may launch its initial public offering (IPO) as early as October. Some investors expect that the valuation of the Claude model developer could reach at least $2 trillion, with some even suggesting higher expectations. If realized, this would surpass SpaceX's IPO valuation of approximately $1.77 trillion in June this year.

Currently, these figures are still investor expectations and not the company's official pricing. The report mentions that Anthropic has not disclosed the IPO issue price or target valuation, but discussions surrounding its listing scale have pushed AI company valuations into a new range.

Revenue Growth Supports High Valuation Expectations

The market is optimistic about Anthropic, primarily based on revenue growth. In May of this year, Anthropic stated that its annualized revenue run rate had exceeded $47 billion, with an estimated $9 billion by the end of 2025. Interviewed investors expect this figure to rise to between $100 billion and $120 billion by the end of 2026.

This growth rate also explains why the $2 trillion valuation is being seriously discussed. Anthropic's valuation in a funding round in May was approximately $965 billion. If it goes public at $2 trillion, it would mean its public market valuation would more than double compared to its private valuation within months.

However, the market is also concerned about whether this growth can be sustained. Lower-cost AI models, more aggressive pricing from competitors, and the large-scale infrastructure investments required to train cutting-edge models could compress future revenue multiples.

SpaceX as a Direct Reference

Anthropic's potential IPO is frequently compared to SpaceX because the latter recently completed its IPO in June with a valuation of approximately $1.77 trillion, setting a global IPO record. If Anthropic reaches $2 trillion, it would quickly rewrite this record.

The report also mentions that SpaceX's stock price has been volatile since its IPO. SPCX recently climbed back above the $135 issue price after a noticeable drop in July and early August. Last Friday, after giving back some gains during the trading session, the stock was still trading around $141.

Cursor Deal Raises AI Competition Intensity

SpaceX is no longer just a valuation reference but is also directly entering the AI competition. The report indicates that SpaceX agreed in June to acquire Anysphere for approximately $60 billion, a company that develops the AI programming tool Cursor.

After the deal is completed, Cursor is more deeply integrated into Musk's technology landscape. The report mentions that Cursor has since collaborated with SpaceXAI to develop models including Grok 4.5, indicating that this acquisition is rapidly serving a broader AI strategy.

In this context, Anthropic's IPO is not just another large listing transaction. The market is assessing whether two trillion-dollar companies will emerge in the future, competing simultaneously in various directions such as models, programming agents, infrastructure, and enterprise software.

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