Anthropic is preparing for a potential IPO and has already filed the relevant documents confidentially, according to Bloomberg. According to the publication, the company expects revenue of approximately $190–200 billion in 2028. This is more than four times the annual revenue growth figure of $47 billion that Anthropic disclosed in May. By the end of July, that figure had already exceeded $65 billion.
It is precisely this forecast of future revenue that forms one of the key foundations for the company’s valuation. For fast-growing technology companies, the use of revenue multiples is not unusual in itself.
However, in Anthropic’s case, investors are effectively trying to value the business two years into the future, which makes the current share price more dependent on whether the growth forecasts prove accurate.
In its most recent private funding round in May, Anthropic was valued at approximately $965 billion after raising $65 billion. Thus, the projected valuation of about $2 trillion would represent more than a twofold increase in market capitalization over a short period, Bloomberg notes.
Why a High Valuation Is Risky for Investors
The main risk is that the company’s current valuation is beginning to depend not so much on its current financial results as on Anthropic’s ability to execute an extremely ambitious growth plan.
The company is indeed demonstrating a sharp increase in revenue: its annual revenue growth rate has risen from approximately $9 billion at the end of 2025 to over $65 billion in July 2026. At the same time, however, Anthropic has to spend enormous sums on computing infrastructure, model training, and recruiting specialists.
With a valuation of $2 trillion, even a slight discrepancy between expected and actual growth rates could lead to a significant revaluation of the company. This is particularly important for the AI market, where technological leadership is rapidly shifting and competition among Anthropic, OpenAI, and other developers remains intense.
The recent experience of SpaceX is also telling. Its IPO in June set a record valuation of approximately $1.7–1.8 trillion. However, immediately after the offering, investors began to question whether such a high valuation was justified. As a result, the company’s stock price fell by half following the IPO.
In this regard, analysts note that a sharp rise in stock prices immediately after an IPO may be a sign that the offering price was set too low, but the subsequent decline also highlights the flip side of the problem—high valuations can lead to painful corrections.
Thus, Anthropic’s potential IPO will be an important test not only for the company itself but also for the entire artificial intelligence market. If investors are willing to pay around $2 trillion for future earnings, the market is effectively betting that the current AI boom will maintain high growth rates for several more years.
For stock buyers, this means a simple rule: the more future growth is already priced into the IPO, the less room there is for error.
