Anthropic could be worth $2 trillion when it goes public

Anthropic’s backers are floating a number that sounds more like a typo than a valuation: $2 trillion, or more, for a planned October debut. If that happens, the AI startup would leap past SpaceX and set the largest initial public offering ever.

That’s the view from half a dozen investors who spoke to the Financial Times. They say Anthropic’s revenue is rising fast enough to support a listing at more than double its current value. The company is five years old, which makes the scale of the leap even more startling.

For early investors, a public listing at that level would be a jackpot. It could turn paper gains into billions of dollars. But the bigger story may be the market’s reaction. Public investors are getting more cautious about the AI rush, and a $2 trillion debut would be a very loud test of that mood.

The thing to watch is not just whether Anthropic can command the number, but whether markets will still cheer it once the offering actually arrives. AI has been living on enthusiasm for a while now. Public markets tend to ask for receipts.