Anthropic could become the next company to cross the $2 trillion valuation mark, with investors reportedly expecting the Claude maker to seek a record valuation when it goes public as early as October. If that happens, Anthropic would challenge SpaceX’s record-setting market debut and push the AI valuation race into territory previously occupied by only a handful of global technology giants.
The Financial Times reported that several Anthropic backers see a valuation of at least $2 trillion, with some arguing that the company could eventually justify as much as $3 trillion. Anthropic has not formally set an IPO price or valuation, meaning those numbers remain investor expectations rather than official targets.
Anthropic Revenue Growth Fuels the $2 Trillion IPO Case
The bullish case starts with revenue.
Anthropic said in May that its annualized revenue run rate had crossed $47 billion, up from roughly $9 billionAnthropic IPO Could Hit $2 Trillion as SpaceX Stock Rallies After $60B Cursor Deal at the end of 2025. Investors cited by the FT now expect that figure to reach roughly $100 billion to $120 billion by the end of 2026.
That trajectory is also why a valuation that would normally look extreme is attracting serious discussion. Anthropic’s May funding round valued the company at about $965 billion, meaning a $2 trillion IPO would more than double its private-market valuation within months.
The risk is whether that growth can persist. Lower-cost AI models, aggressive pricing from competitors and the enormous infrastructure spending required to train frontier models could make today’s revenue multiples harder to defend.
Anthropic Could Challenge SpaceX’s IPO Record
The comparison with SpaceX is especially relevant because Elon Musk’s company only went public in June at a valuation of roughly $1.77 trillion, setting a global IPO record. Anthropic reaching $2 trillion would surpass that benchmark almost immediately.
SpaceX stock itself has remained highly volatile since the listing. SPCX recently recovered above its $135 IPO price after falling sharply in July and early August. Shares were trading around $141 on Friday, despite pulling back during the session.
SpaceX’s $60 Billion Cursor Deal Raises the AI Stakes
SpaceX is also becoming a much more direct AI competitor.
The company agreed in June to acquire Anysphere, the developer of Cursor, for about $60 billion, bringing one of the most prominent AI coding platforms deeper into Musk’s growing technology ecosystem.
Cursor has since worked with SpaceXAI on models including Grok 4.5, showing how quickly the acquisition is being folded into a broader AI strategy.
That connection makes Anthropic’s IPO more than another listing. Investors may soon be pricing two trillion-dollar companies that increasingly compete across AI models, coding agents, infrastructure and enterprise software.
If Anthropic lands anywhere near $2 trillion, the IPO would provide perhaps the clearest public-market test yet of whether explosive AI revenue growth can justify the valuations now being attached to the industry’s leading private companies.
