Anthropic's investors expect the AI developer to go public at a valuation of $2tn or more in October, a figure that would surpass SpaceX and rank as the largest IPO on record. This potential listing would deliver vast paper gains to the five-year-old company’s early investors while testing public markets that have grown warier of the AI boom.

Investors cited by the FT expect Anthropic’s annualised revenue to reach $100bn to $120bn by the end of 2026. While senior executives have yet to settle on a valuation target, backers are building models based on high-growth projections. The company's valuation recently overtook OpenAI's, reaching $965bn in May.

Despite challenges—including intensifying competition from Chinese rivals, regulatory pressure, and higher operational costs compared to competitors—backers remain sanguine. One investor maintains that the company still leads on performance and remains what buyers most want exposure to.