Anthropic is heading toward the largest IPO ever, at a possible $2 trillion valuation

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Bottom line: Anthropic is heading toward a possible October IPO, with many investors telling the Financial Times that they expect the company to reach a valuation of $2 trillion or more. That figure would make it the largest public offering on record and put the company at the top of a market that is becoming increasingly cautious about AI spending and valuations.

The expectations are driven by Anthropic's rapid revenue growth. Investors expect its annualized revenue to reach $100 billion to $120 billion by the end of 2026. Anthropic said in May that its annualized revenue had surpassed $47 billion.

"If Anthropic is growing 800% a year, you'd think at the incredibly low end they would trade at 30 times [revenue]," one investor in the group told the Financial Times. "That would make them a $3 trillion company."