U.S. AI company Anthropic is gearing up for an IPO on the U.S. stock market. Market sources indicate the company is targeting an IPO valuation of $2 trillion and plans to raise up to $100 billion.
If this valuation materializes, Anthropic will surpass SpaceX's $1.77 trillion issuance valuation from its June listing this year, setting a new record for the largest IPO in global history!
Anthropic is the developer of the well-known large language model Claude. Google and Amazon are its major investors, providing both funding and computational power support.
The company's core business involves delivering model capabilities to customers through Claude products, enterprise APIs, and cloud platforms. Enterprises can integrate Claude into their own business systems or utilize tools built on top of the model.
Among its offerings, Claude Code is an extremely important tool. By reading codebases, modifying files, and executing commands, it can continuously handle long-chain workflows.
As early as June this year, Anthropic secretly filed for an IPO with the U.S. SEC. The underwriting team is led by Morgan Stanley, Goldman Sachs, and JPMorgan Chase. According to the latest schedule, the company plans to complete its listing as early as November, with some arrangements potentially moving forward after the U.S. midterm elections.
Disclosure materials from the prospectus reveal that Anthropic estimates its total addressable market to exceed $30 trillion, supporting its $2 trillion valuation expectation.
Financially, the company has seen rapid revenue growth, increasing from $386 million in fiscal year 2024 to $4.59 billion in fiscal year 2025. However, during the same period, its net loss reached a staggering $42 billion, indicating immense pressure on capital expenditures.
The company has highlighted risks, noting that its revenue is heavily dependent on a few major clients, most of whom have not signed long-term fixed contracts, posing a risk of order loss.
The current capital market is closely watching whether this super-sized AI IPO can meet high market expectations, which will also influence the future valuation logic for global tech startups.