Anthropic could be worth $2 trillion when it goes public

Anthropic's investors expect the AI startup to float at a valuation of $2 trillion or more in October, according to half a dozen backers who spoke to the Financial Times. This would eclipse SpaceX and make it the largest-ever initial public offering. The company's rapidly rising revenue is seen as enabling more than double its current valuation. Investors expect annualized revenue of $100 billion to $120 billion by end of 2026, up more than 10 times over the year. One investor noted that if Anthropic grows 800 percent per year, it could trade at 30 times revenue, implying a $3 trillion valuation. There is no US-listed peer for a benchmark, but AI beneficiaries like Palantir and Nebius trade at roughly 55 times revenue. Senior executives have not fixed the valuation target, but investors have built their own models. Challenges include Chinese competition, AI regulation pressure, and a feud with the US government, including a Commerce Department ban that slowed growth in June, though the company rebounded.