Anthropic's planned IPO could far surpass SpaceX

According to reports from the Financial Times and Reuters, Anthropic is planning an IPO that could set records. Investors anticipate a market valuation of at least $2 trillion when the company goes public in October, driven by internal revenue forecasts of $190-200 billion for 2028. In contrast, Anthropic's revenue projection was around $9 billion at the end of 2025 and over $47 billion by May 2026. Bankers and investors are using an unusually long two-year forecast horizon, comparing Anthropic to public companies like Palantir (trading at 53 times expected 2026 revenue), Cloudflare, and SpaceX (about 41.6 times). SpaceX's IPO in June 2026 raised $75 billion initially, expanding to about $85.7 billion after over-allotment. The internal assumptions behind the ambitious revenue forecast remain largely opaque, with no public details on customer growth, pricing, or sensitivity analyses. Sequoia Capital partner Alfred Lin noted that companies from the Global 5000 are integrating Claude into complex workflows. The core argument for revenue leaps is that revenue grows faster than costs for GPUs, TPUs, model training, and staff, leading to expanding margins. However, complex financial structures of leading AI companies have fueled fears of an AI bubble, which these new speculations may amplify.