Anthropic is on the brink of a market debut, with a reportedly predicted valuation of $2 trillion or more in its forthcoming October IPO.
Supporters of Anthropic say strong demand for its advanced AI models and tools warrants the lofty expectations, forecasting that the company’s annual revenue could reach $100 billion to $120 billion by the end of 2026, more than a tenfold increase over the year, reported the Financial Times on Thursday.
Notably, IDC estimates Anthropic generates $40 billion–$50 billion in annualized revenue, with consumer subscriptions contributing less than $2 billion.
Investors said Anthropic executives had not yet finalized an IPO valuation target, prompting some investors to develop their own financial models, according to the report. The backers of the Claude maker believe that the five-year-old company’s surging revenue could potentially double its valuation in its planned autumn IPO, it said.
An investor, per FT, commented, “If Anthropic is growing 800% a year, you’d think at the incredibly low end they would trade at 30 times [revenue]. That would make them a $3 trillion company.”
An investor with stakes in AI companies including OpenAI and Space Exploration Technologies Corp. (NASDAQ:SPCX) remains confident in the company’s leadership in performance and market positioning, it added.
Anthropic did not immediately respond to Benzinga’s request for comments.
Jim Cramer Defends Anthropic’s Valuation
CNBC commentator Jim Cramer defended Anthropic’s potential $2 trillion IPO valuation reported today, arguing it’s justified if backed by strong revenues rather than indicating a market bubble.
Cramer pushes back on “out of hand” criticism by focusing on revenue growth, highlighting sustainable high multiples for fast-scaling AI companies
Anthropic Faces Risks
This report comes on the heels of OpenAI concluding a $7 billion share buyback ahead of its potential IPO. The Sam Altman-led company repurchased shares from current and former employees in a tender offer, rather than using external investors. The deal kept the company’s valuation unchanged at $852 billion.
Meanwhile, earlier this month, Anthropic explored a debt financing package tied to the use of Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google chips, with Blackstone reportedly holding early discussions with investors regarding demand for the potential deal. The proposed financing was initially valued at nearly $36 billion, though its size, structure and leadership remain under negotiation, with Blackstone’s role still uncertain.
Institutional investors invested nearly $100 billion in Anthropic in 2026, pushing its valuation to $965 billion and above OpenAI’s for the first time in May.
Nevertheless, Anthropic faces regulatory and legal uncertainty, including a dispute with the Trump administration and the U.S. Defense Department, which labeled it a supply-chain risk. Export controls in June also forced the company to briefly withdraw its Fable 5 and Mythos 5 models, unsettling some customers.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Login to comment