Anthropic investors anticipate an October float that could value the AI start‑up at $2tn or more, making it the largest IPO ever and potentially elevating Space X to the top spot in market cap history.

The company’s rapid revenue growth underpins these lofty expectations: investors project annualised revenue of $100bn–$120bn by the end of 2026, a jump of more than tenfold from current figures. One backer noted that with 800 % yearly growth, a conservative 30‑times revenue valuation would still yield a $3tn company.

Despite the upside, Anthropic faces mounting hurdles. Rising competition from Chinese rivals, heightened AI regulation, and a recent U.S. Commerce Department ban that forced the temporary pull of its top models Fable 5 and Mythos 5 have dampened momentum. The company has also been embroiled in litigation with the Department of Defense, adding uncertainty.

Founded by Dario Amodei, Anthropic filed with the SEC in June and is in a quiet period. Its latest earnings surpassed $47bn annually, and a recent $100bn‑plus investment pushed its valuation past $965bn, eclipsing Open AI for the first time.