Anthropic aims for a record IPO with a valuation over $2 trillion

Anthropic might turn investor patience into something of a marathon. The Financial Times reports that several backers expect the Claude maker to go public as early as Oct, with a valuation north of $2 trillion — a figure that would leapfrog SpaceX’s $1.77T mark.

That jump would be dramatic compared with May’s implied price: Claude was pegged at $965B after a $65B Series H. The company has quietly made a confidential sec. filing with the U.S. SEC, yet nobody has put a firm date on the IPO calendar.

There’s a catch, though: profits. At a $2T headline value, Anthropic would need roughly $59–79B in net profit (NP) annually to line up with the multiples typical of large tech firms. That’s a long way from today’s run-rate — even if, per the WSJ, Q2 2026 rev may have hit $10.9B and the firm recorded an op. profit for the first time.

Many investors seem willing to bet on future scale rather than current arithmetic. Some estimates project annual rev of $100–120B by end-FY2026. If the market decides to price that optimism in, a two-trillion-dollar IPO will stop sounding like fantasy and start reshaping how people value AI companies (for better or worse).

What do you think — will this be a breakthrough in AI or the beginning of the end for the bubble?