Technology 4 min read By Mason Emerson
The Company Behind Claude Could Be Worth $2 Trillion on Wall Street
Anthropic has filed confidentially for an IPO, and its investors are betting that Claude’s explosive business growth can justify a $2 trillion-plus valuation. The company itself has not set that price.
The next giant AI number may not be a model parameter count. It may be a stock-market valuation. Investors in Anthropic, the company behind Claude, are reportedly expecting a possible IPO at $2 trillion or more — a figure that would turn a familiar AI brand into one of the most valuable public businesses on the planet.
There is a real IPO process behind the hype. Anthropic announced on June 1 that it had confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission. But it has not decided how many shares it would sell or what those shares would cost. The $2 trillion figure comes from investors interviewed by the Financial Times, not from an official Anthropic price range.
The reason they are so bullish is how quickly Claude has become a business product. Anthropic said in May that its run-rate revenue had passed $47 billion. TechCrunch reported that it was around $9 billion at the end of 2025. That is a dramatic change in the commercial footprint of a company that was still widely described as an AI lab only a few years ago.
Run-rate revenue is a slightly weird number if you do not live in startup finance. It takes the latest pace of sales and imagines that pace continuing for a full year. So $47 billion does not mean Anthropic already collected $47 billion over the previous twelve months. It means its recent sales pace would annualize to more than that.
The FT says investors expect the annualized figure to reach between $100 billion and $120 billion by the end of 2026. Anthropic has not publicly issued that range as company guidance. Think of it as the optimistic spreadsheet behind the investors’ enthusiasm.
One investor’s spreadsheet gets even wilder. The investor suggested that growth around 800% could support a valuation around 30 times revenue. If annualized revenue is $100 billion, multiplying by 30 produces $3 trillion. That does not make $3 trillion inevitable; it shows how a huge valuation can emerge from a huge growth assumption.
The last price actually attached to a funding deal was lower. Anthropic raised $65 billion in May at a $965 billion post-money valuation. That is still close to a trillion dollars. The company said the money would help it expand computing capacity, products, partnerships and research into AI safety and interpretability.
The story is also about how quickly AI has moved into everyday work. Anthropic says enterprises are deploying Claude in core operations and that more people use it in their jobs. Coding, analysis and other professional workflows are becoming the commercial bridge between a model people try and a service companies repeatedly pay for.
Going public would expose the other side of that bridge. Investors will want to know what all that model training and inference costs, how durable customer demand is, and how much capital Anthropic needs to keep competing at the frontier. Those details should become clearer if the company releases a public S-1.
Until then, the clean version is this: Anthropic is genuinely preparing for an IPO, its last official valuation is $965 billion, and some of its own investors believe public markets may more than double that. The $2 trillion story is real as a bet — just not yet as a price tag.
