Archive · 21 Aug 2026
Anthropic Prepares Potential IPO Fueled by Huge Growth Forecasts
Anthropic is a company that makes Claude, an artificial-intelligence tool.
It is preparing for a possible IPO, which is when a private company sells shares to the public.
Reports say investors could value Anthropic extremely highly because its sales are growing very quickly.
Its annualized revenue was above $65 billion by the end of July.
The company expects its revenue could reach as much as $200 billion in 2028.
Anthropic must spend a lot of money on computers, data centers, employees and AI training.
Investors hope sales will eventually grow faster than these costs.
However, they are also worried that the company’s large expenses may reduce its profits.
The IPO could become a major test of whether public investors believe in the future of AI companies.
Anthropic has confidentially filed for a U.S. listing and is preparing a potential IPO.
Investors may value the company based on projected 2028 revenue of $190 billion to $200 billion.
Anthropic’s annualized revenue run rate exceeded $65 billion by the end of July, up from about $9 billion at the end of 2025.
A potential valuation of $2 trillion has been discussed, while SpaceX, Palantir and Cloudflare are being used as benchmarks.
Anthropic is considering more than $10 billion in revolving credit and a share structure giving founders greater voting power.
- Who
- Anthropic, the maker of Claude, along with its investors, bankers and Chief Executive Dario Amodei.
- What
- Anthropic is preparing a potential U.S. IPO that could rival or surpass SpaceX’s record-setting offering, with valuations potentially reaching extraordinary levels.
- When
- Anthropic confidentially filed for an IPO in June; its annualized revenue run rate exceeded $65 billion by the end of July, while projected revenue covers 2028.
- Where
- The planned listing would be in the United States.
- Why
- Anthropic is seeking public-market funding and financing to support rapid expansion, including substantial spending on computing capacity, AI training and employees.
Growth and IPO Optimists
Cost and Valuation Cautions
Future revenue potential
Growth and IPO Optimists
Investors and bankers are looking beyond Anthropic’s current results because its revenue run rate has grown rapidly and could reach $190 billion to $200 billion in 2028.
Cost and Valuation Cautions
The 2028 forecast is far above current revenue and depends on growth continuing at an exceptional pace, making the projection difficult to assess.
Profitability
Growth and IPO Optimists
As Anthropic scales, computing and other expenses could become a smaller share of sales, potentially improving margins and supporting a very high valuation.
Cost and Valuation Cautions
Advanced AI requires enormous spending on GPUs, data centers, model training, inference and employees, and it remains uncertain whether revenue will outpace those costs.
Founder control
Growth and IPO Optimists
A share structure with enhanced voting rights could allow Anthropic’s founders to maintain strategic control after the IPO.
Cost and Valuation Cautions
Greater founder voting power could limit the influence of public shareholders after the company becomes publicly traded.
- Projected 2028 revenue
- Approximately $190 billion to $200 billion
- Annualized revenue run rate
- More than $65 billion by the end of July, compared with $47 billion in May and about $9 billion at the end of 2025
- Preliminary second-quarter revenue
- More than $11.5 billion, compared with $787 million a year earlier
- Potential valuation
- One person cited by Reuters said a valuation of $2 trillion was possible, although its durability remained uncertain
- IPO status
- Anthropic confidentially filed for a U.S. listing in June; final size, timing and valuation have not been disclosed
- Planned credit facility
- A revolving credit facility expected to exceed $10 billion is reportedly being prepared
- Founder voting rights
- Anthropic is considering a structure that would give Chief Executive Dario Amodei and other co-founders greater voting power