Expectations are growing among investors that Anthropic could be valued at more than $2 trillion in an initial public offering in October. Cryptopolitan, a blockchain media outlet, reported on Aug. 13 that if it materialises, it could become the largest IPO in history by surpassing SpaceX’s listing record.

Anthropic’s management has not yet set an official valuation target. However, investors based on their own financial models see the IPO valuation exceeding $2 trillion. They cite rapid revenue growth and expanding demand for advanced AI models.

Some investors said an even higher valuation could be possible. One investor said that if Anthropic is growing 800 percent a year, it could trade at 30 times revenue even on a very conservative basis, and that would put its valuation at $3 trillion. There are no clear U.S.-listed peers, but AI-focused companies such as Palantir and Nebius have been valued at about 55 times revenue this year.

Investors expect Anthropic’s annualised revenue to reach $100 billion to $120 billion by year-end. That would be more than 10 times higher than earlier this year. Anthropic posted annualised revenue of $47 billion as of May. Customers use Claude for software development, various professional tasks and personal use.

About $100 billion in funding from institutional investors, including venture capital and sovereign wealth funds, has flowed into Anthropic this year. The inflows lifted its valuation to $965 billion in May, when it surpassed OpenAI for the first time.

There are uncertainties as well. Anthropic faces intensifying competition with China, growing calls for AI regulation and friction with the U.S. government. The Trump administration applied export control restrictions in early June to Claude Fable 5 and Mythos 5, and the move slowed revenue growth in June. Growth later recovered after the restrictions were eased, the report said.

Anthropic has not disclosed detailed figures since it filed confidential IPO paperwork with the U.S. Securities and Exchange Commission in June. Even so, it continues to release new models and win corporate customers while competing with OpenAI and Google.

SpaceX raised $75 billion in its IPO and its valuation topped $2 trillion. More than 20 investors were allocated $1 billion or more each, and about 70 percent of the shares went to long-term asset managers and sovereign wealth funds, as well as people close to Elon Musk. Patrick Corrigan (패트릭 코리건), a law professor at the University of Notre Dame, said AI competition resembles the early internet boom, but questioned whether lofty prices match actual business performance.