Anthropic aims higher than SpaceX — AI startup's valuation could soar to $2 trillion by IPO

Anthropic, an AI startup founded five years ago, is reportedly targeting a valuation of $2 trillion or more by its IPO this autumn, which would surpass SpaceX's $1.77 trillion valuation at its June stock market debut. Experts polled by Financial Times note that Anthropic's annualized revenue could reach $100-120 billion by the end of the year, a tenfold increase from the start of 2025. With revenue growing at 800% per year, a valuation 30 times annual revenue would be around $3 trillion, not an unusual ratio compared to Palantir or Nebius, which trade at 55 times revenue. While Anthropic has not disclosed its financial targets for the IPO, investors are already forming estimates. The company faces headwinds: increased competition from Chinese open-source AI model developers, regulatory intervention, and a conflict with US authorities over military use of its AI models. In June, Anthropic experienced a slowdown in revenue growth, and after filing for IPO in June, it restricted public comments on financial matters. In May, the company reported annualized revenue of $47 billion. Investors have poured nearly $100 billion into Anthropic this year alone, and in May it surpassed competitor OpenAI in valuation. However, regulatory actions over national security concerns have deterred some clients, and higher costs for advanced AI models compared to Chinese alternatives are a disadvantage. Despite this, Anthropic increased its share among US competitors last month, as investors view it as a leader and remain willing to invest despite potential difficulties.