Anthropic, the developer of the AI model “Claude,” is pursuing an initial public offering (IPO) aimed at a $2 trillion valuation, the New York Times (NYT) reported on the 21st local time.
The lead banks have told investors that they could raise more than $100 billion through the IPO. If realized, that would surpass the $85.7 billion record set by SpaceX in June for the largest IPO ever.
Anthropic’s valuation was $965 billion at its fundraising round in June. If $2 trillion becomes reality, its value would have more than doubled in just six months. Only a handful of companies, including Apple, Microsoft, and Nvidia, have crossed the $2 trillion mark.
The IPO could take place as early as this fall. It is likely to go public before OpenAI, which is aiming for a 2027 listing.
Driven by the popularity of its developer-focused AI tool “Claude Code,” the company’s projected annualized revenue has reached $47 billion. However, shortages in computing resources and tensions with the U.S. government are seen as factors that could pose risks.
Anthropic, founded by former OpenAI executives including siblings Dario and Daniela Amodei, is entering the most ambitious IPO challenge in history under a banner of AI safety that has differentiated it from OpenAI.
The comparison itself is already historic. SpaceX, Elon Musk’s space company, went public in June at a valuation of $1.77 trillion and raised $85.7 billion, setting the record for the largest IPO ever. If Anthropic raises more than $100 billion, that record would be broken again in a little over two months.
◆ Valuation reaches $2 trillion in five years—how is that possible?
Anthropic was founded in 2021 by former OpenAI employees including siblings Dario and Daniela Amodei. The company has differentiated itself from OpenAI by emphasizing AI safety.
The company’s valuation stood at $965 billion, or about 1,340 trillion won, during its June fundraising round. If $2 trillion becomes a reality, its worth would have more than doubled in half a year. Only a few companies have ever surpassed the $2 trillion market-cap level, including Apple, Microsoft, and Nvidia.
The driver behind the soaring valuation is its performance. As its coding AI for developers, “Claude Code,” has become a flagship product, projected annualized revenue has risen to $47 billion, or about 65 trillion won.
Anthropic filed for an IPO in June and could release its prospectus within weeks, NYT reported. The listing could take place as early as this fall, placing it ahead of OpenAI, which is targeting a 2027 debut on the stock market.
◆ There are obstacles too: computing shortages and tensions with the government
Behind the growth are also headwinds. Anthropic is struggling to secure enough computing capacity to meet surging demand amid shortages of chips and servers. Industry-wide bottlenecks in infrastructure could constrain the pace of revenue growth.
Tensions with the U.S. administration are seen as an even bigger variable. In March, the Trump administration cut government contracts and designated Anthropic as a supply-chain risk company after the firm did not allow the military unlimited access to its AI models. Anthropic has pushed back, calling the Defense Department’s actions an unconstitutional retaliation. The NYT noted that its strained relationship with the government could make some investors hesitate.
Even so, market interest remains intense. With AI and space driving a wave of trillion-dollar valuations into public markets, Anthropic is likely to become one of the biggest stocks of interest for Korean investors in U.S. equities this fall, and attention is expected to focus on the operational results and risk factors disclosed in its prospectus.