Anthropic is heading toward an initial public offering that investors believe could value the company above $2 trillion, according to the Financial Times. That figure is not a filing, a set share price, or a statement from Anthropic itself: it is investor expectation, floated ahead of a listing the company has not priced.
Anthropic submitted its IPO paperwork to the Securities and Exchange Commission this past June, a step that triggered a quiet period limiting what the company can say about its finances, the Financial Times reported. Anthropic declined to comment for the story.
The company’s own projection, cited by the Financial Times, is that annualized revenue will reach $100 billion to $120 billion before 2026 closes. That number belongs to Anthropic. The $2 trillion figure belongs to investors weighing what to pay for it. Nobody has priced the IPO yet.
Run the math anyway, since it is the only concrete test available before pricing happens. A $2 trillion valuation against $100 billion to $120 billion in projected annualized revenue works out to roughly 17 to 20 times revenue. That multiple only holds if Anthropic keeps growing near its current pace and keeps charging premium prices without bleeding share to cheaper rivals.
The growth case has recent evidence behind it. Anthropic told investors in May that annualized revenue had passed $47 billion. Its valuation reached $965 billion that same month, overtaking OpenAI’s for the first time, the Financial Times reported. Institutional investors, including venture and sovereign wealth funds, put close to $100 billion into the company during 2026.
The pricing case is shakier. According to Artificial Analysis, the firm that benchmarks AI model pricing, Anthropic’s top model runs about two and a half times pricier than OpenAI’s flagship, per the Financial Times. AI Insiders has reported that Anthropic’s Fable 5 holds roughly six percent of enterprise token share on Ramp spend data, while DeepSeek is pricing a competitive model at $0.87 per million output tokens. A $2 trillion valuation assumes enough Anthropic customers keep paying that premium instead of switching.
Ramp, the corporate card and spend-management platform, complicates that assumption. Anthropic gained US business market share last month, but Ramp’s analysts found businesses were hitting limits on how much they would spend on AI and shifting some workloads to cheaper models, the Financial Times reported.
Anthropic also briefly pulled Fable 5 and Mythos 5 after the Commerce Department imposed export controls in June, an episode that unsettled customers who depend on those models. Separately, Anthropic is fighting the US Department of Defense, which this year labeled it a supply-chain risk, and has drawn repeated friction with the Trump administration. Neither dispute is resolved.
One Anthropic investor, who has also backed OpenAI and SpaceX, told the Financial Times the challenges were real but did not change the underlying bet: “The company continues to be in first position in performance, positioning, and what people want exposure to.” SpaceX, for comparison, listed in June at a valuation of $1.77 trillion, a figure investors are already citing as the bar Anthropic’s IPO would need to clear to be the largest listing in history.
None of this settles the gap between the growth story investors are buying and the pricing story showing early cracks. Operators building on Anthropic’s models should watch its actual revenue disclosures against the $100 billion to $120 billion target before assuming a 20-times multiple, and the premium pricing behind it, survives into 2027.
The Financial Times reported this story on August 13, 2026.
