Anthropic filed confidentially for an IPO in June 2026; investors now expect a fall offering valuing the company at $2 trillion or more, topping SpaceX as the largest IPO on record, fueled by projected 2026 revenue of $100-120 billion.
What Is the Timeline for Anthropic's IPO?
Anthropic filed confidentially for an initial public offering on June 2, 2026CITE:E8, a move the company confirmed the same dayCITE:E6. Investors now expect the offering to launch in fall 2026CITE:E2, with the company's rapid revenue growth seen more than doubling the valuation set for that offeringCITE:E2.
Why Do Investors Expect a Valuation of at Least $2 Trillion?
Investors expect Anthropic's IPO to value the company at $2 trillion or more, surpassing SpaceX to become the largest IPO on recordCITE:E1. One investor said that if Anthropic sustains 800% annual growth, a 30-times-revenue multiple - which the investor called conservative in that scenario - would make Anthropic a $3 trillion companyCITE:E4.
How Does Anthropic's Revenue Growth Outlook Support a Higher Valuation?
Anthropic's projected revenue trajectory underpins those valuation estimates. Investors expect the company's annualized revenue to reach $100 billion to $120 billion by the end of 2026CITE:E3, which - under Anthropic's preferred method of extrapolating recent revenue into a full-year figure - would mean revenue growing more than tenfold during 2026CITE:E3.
What Is Anthropic's Latest Funding Round and Current Valuation?
Anthropic raised $65 billion in its most recent funding round, lifting its valuation to $965 billion, just short of the $1 trillion markCITE:E9.
How Does Anthropic's Valuation Compare With OpenAI's?
OpenAI, Anthropic's chief rival, carried an $852 billion valuation as of March 2026 and is also preparing to go public, with a filing expected soonCITE:E12.
| Metric | Value | Timing | Source |
|---|
| Anthropic funding-round valuation | $965 billion | June 2026 | CITE:E9 |
| Anthropic capital raised in that round | $65 billion | June 2026 | CITE:E9 |
| Anthropic investor-projected IPO valuation | $2 trillion or more | Fall 2026 (expected) | CITE:E1 |
| Anthropic IPO valuation increase vs. funding round (investor estimate) | more than double | vs. June 2026 round | CITE:E2 |
| Anthropic bull-case valuation (at 800% annual growth, 30x revenue multiple) | $3 trillion | — | CITE:E4 |
| Anthropic projected annualized revenue | $100 billion-$120 billion | End of 2026 | CITE:E3 |
| OpenAI valuation | $852 billion | March 2026 | CITE:E12 |
What Risks and Uncertainties Remain Before an IPO Happens?
Anthropic faces several unresolved variables before any listing. The U.S. Commerce Department imposed a temporary ban on some of Anthropic's advanced models, which two investors said slowed the company's overall revenue growth in June 2026CITE:E5. Anthropic has said the proposed offering "will depend on market conditions and other factors"CITE:E7, and the company has also said the number of shares and the price to be offered have not yet been determinedCITE:E11.
What Does a Confidential IPO Filing Mean, and What Protection Does It Offer?
A confidential filing lets Anthropic submit its IPO paperwork to the U.S. Securities and Exchange Commission for review without disclosing its financial condition and business details to the public until later in the processCITE:E10. According to Agence France-Presse, whose reporting described the mechanism directly, this route allows companies to delay public disclosure of financial and business details until the process reaches a later stageCITE:E10.
Taken together, the figures show a compressed timeline: Anthropic's valuation stood at $965 billion after a $65 billion funding round in June 2026CITE:E9, while investors are now projecting $2 trillion or more, and in a bull case $3 trillion, for an IPO just months laterCITE:E1CITE:E4. That jump rests on investor projections of $100 billion to $120 billion in annualized revenue by year-endCITE:E3, even as a temporary model ban weighed on Anthropic's June revenue growthCITE:E5 and the company has yet to fix a share count or priceCITE:E11. Anthropic's own statement that the offering depends on market conditionsCITE:E7 sits alongside those investor estimates - a gap between confirmed financial checkpoints and forward-looking projections that will not close until the confidential filing becomes publicCITE:E10.
Author's Take・EffectStory 編輯部
The gap between Anthropic's two most recent valuation checkpoints is what stands out: a $965 billion valuation set in a June 2026 primary funding round, against investor talk of $2 trillion or more - even $3 trillion in a bull case - for an IPO just months later. That move isn't anchored to disclosed audited financials; it's anchored to a revenue-extrapolation method Anthropic itself prefers, projecting $100 billion to $120 billion in annualized revenue by year-end. The data point that cuts against the bull case is the Commerce Department's temporary ban on some Anthropic models, which investors say already slowed June revenue growth - a reminder that regulatory action, not just growth math, can move the number. Because Anthropic filed confidentially, outside observers won't see audited figures until the SEC review reaches its later stages. The metric worth watching is whether the eventual public filing's revenue disclosure lines up with the $100-120 billion range investors are currently pricing in.