Anthropic is positioning its planned initial public offering to rival the scale of SpaceX’s record $86 billion listing in June, with bankers exploring a valuation approaching $2 trillion. A $1.5 trillion to $2 trillion valuation would require a 4% to 6% float to raise over $85 billion, according to figures cited by Bloomberg and Reuters.
The company’s financial trajectory underpins the ambition. Anthropic’s annualized revenue run rate exceeded $65 billion by the end of July, up from $47 billion in May and projected to reach roughly $9 billion by the end of 2025. Revenue for 2025 is reported at about $10 billion, with forecasts calling for $190 billion to $200 billion by 2028. Despite positive adjusted operating income in the second quarter, Anthropic posted a near-$42 billion loss in 2025, driven by heavy spending on computing infrastructure, model development, and talent.
SpaceX’s IPO set a benchmark with $86 billion raised at a $1.75 trillion valuation, pricing shares at $135 each. The company’s operations span Starlink and launch services, while Anthropic’s core business centers on AI model development. The proposed float size for Anthropic would represent a significant capital allocation at a time when institutional investors are already stretched by exposure to AI through Nvidia, hyperscalers, and related debt and equity offerings.
Market participants also cite investor fatigue over unchecked AI spending on data centers, chips, and power infrastructure as a potential headwind. The scale of Anthropic’s ambitions underscores the broader debate over whether AI-related valuations can justify such capital demands without triggering broader market strain.
