Anthropic investors reportedly expect the AI company to pursue an initial public offering in October 2026 at a valuation of $2 trillion or more, a level that would make it the largest public-market debut on record. The reported target would surpass SpaceXs reported $1.77 trillion IPO valuation, according to Fortune.
The timetable and valuation are not settled. Forbes reported that the $2 trillion figure reflects investor expectations, while discussions continue and no final valuation has been approved.
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Anthropic has taken a formal preliminary step toward a listing. The company said it confidentially submitted a draft Form S-1 registration statement to the US Securities and Exchange Commission on June 1, 2026. In its announcement, Anthropic said the timing and completion of any IPO would depend on market conditions, with neither the number of shares nor their price determined.
A $2 trillion October target remains under discussion
Anthropic confidentially submitted a draft Form S-1 registration statement to the SEC in June, but investors do not yet have the full public disclosure document normally used to evaluate the companys finances, operations and offering structure.
Against that incomplete public record, investors reportedly expect a potential IPO valuation of $2 trillion, according to Forbes. The figure would exceed SpaceXs reported $1.77 trillion IPO valuation, although it is not a finalized or formally approved market value.
The eventual offering would be priced separately from that expectation. Anthropic has not set the share count or price, and said the IPOs timing and completion would depend on market conditions; it has not committed to an October transaction or to completing an IPO.
The proposed IPO valuation would exceed Anthropics $965 billion May benchmark
The reported $2 trillion target would represent a substantial step up from Anthropics latest disclosed private-financing benchmark. Following a $65 billion Series H funding round in May 2026, the company was valued at $965 billion, according to The Associated Press.
On those figures, a $2 trillion IPO valuation would be more than double the May private valuation. The comparison illustrates the scale of the public-market expectations now attached to Anthropic, although private financing valuations and IPO valuations are set in different processes and the reported offering target remains unfinalised.
The May round offers the market a recent disclosed reference point, not a guarantee of where a public offering would price. Registration materials and demand from public-market investors would provide new information through an IPO.
Revenue run-rate projections are the basis for the valuation case
The case for the reported valuation is tied to rapid revenue growth expectations. Fortune reported that investors expect Anthropics annualized revenue run rate to reach roughly $100 billion to $120 billion by the end of 2026.
That forecast is above a separate figure reported by Axios, which said Anthropic‘s annualized revenue was above $65 billion for 2026 based on the company’s latest update. The figures should not be treated as directly equivalent without additional detail on their measurement dates and revenue accounting.
A public filing is expected to offer a fuller view of how Anthropic records revenue and how its growth has developed. Those disclosures would be central to testing the run-rate assumptions behind the reported $2 trillion target, particularly if the company proceeds with an October offering.