Anthropic Targets $2 Trillion IPO Valuation, Would Top SpaceX Record

Anthropic is lining up what could be the largest IPO in history. The AI company is preparing for an initial public offering that could value it at more than $2 trillion, according to Reuters, citing the company’s IPO prospectus.

The valuation jump

The prospective valuation would be more than double Anthropic’s estimated $965 billion valuation in May. The IPO is expected to take place after the US midterm elections in November.

If successful, Anthropic could surpass SpaceX’s record to become the highest-valued IPO in human history. For context, SpaceX raised $85.7 billion at a $1.77 trillion valuation in June.

Revenue growth and losses

Anthropic’s revenue increased twelvefold in 2025 to almost $4.6 billion, and the company reported a net loss of $42 billion, including an accounting charge of approximately $34 billion related to financing instruments that could convert into shares.

Its operating loss exceeded $8 billion when excluding certain liability writedowns, and Anthropic spent $7.33 billion on computing and infrastructure during 2025, approximately three times its expenditure in 2024.

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Risks flagged in the prospectus

The IPO prospectus identifies customer concentration as a potential business risk, with nearly one-quarter of Anthropic’s revenue generated by two customers, and the company warned that major customers could reduce their spending, which could affect future revenue.

Anthropic also warns its technology could pose catastrophic or existential risks to humanity, raising questions about how the company reconciles its growth ambitions with the potential dangers it highlights.

Options market and stocks to watch

Watch for spillover across the AI complex as the market prices in Anthropic’s valuation ambitions:

AMZN: Amazon is one of Anthropic’s largest strategic backers and cloud partners, so a supersized valuation could re-rate the stake.

GOOGL: Alphabet is also an Anthropic investor and competes head-on with Claude via Gemini. Watch for reaction in cloud commentary.

NVDA: Anthropic spent $7.33 billion on computing and infrastructure during 2025, approximately three times its 2024 spend — watch for read-through on AI capex demand.

MSFT: A public Anthropic gives investors a new pure-play AI comp, which could pressure how the market values Microsoft’s OpenAI-linked AI revenue.

META: Watch for reactions across mega-cap AI names as the market digests a potential $2T pure-play benchmark. For more, see other news.

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