Anthropic seeks record $2 trillion IPO after growing tenfold three years in a row
At $100 billion to $120 billion in year-end sales, another tenfold jump would mean $1 trillion next year, testing limits on computing and power.
All-In with Chamath, Jason, Sacks & Friedberg · Anthropic's $2T IPO, Zuck's AI Manifesto, Nvidia's $500B AI Bet, Grok's ComebackAnthropic is targeting a $2 trillion initial public offering, a first sale of stock to the public, that would break the record set by SpaceX at $1.75 trillion. According to the Financial Times, investors expect the artificial intelligence company to list in October, about six to eight weeks away. Traders on Polymarket, a prediction market, give it an 80% chance of listing this year.
The company is expected to end the year with $100 billion to $120 billion in annualized run rate, or current sales projected over a full year, after growing revenue about tenfold in the past year. At $2 trillion, that run rate equals 16 to 20 times sales, a fraction of the multiples that highly valued listings such as SpaceX and Palantir carried.
Venture investor David Sacks said Anthropic has grown roughly tenfold a year for three straight years. If that pace continued, he said, the company would reach about $1 trillion in annual recurring revenue, or subscription-like sales expected to repeat, by the close of next year.
Sacks said customer demand for AI agents and other uses could support more growth, but questioned whether there is enough computing power and energy to physically supply it. Anthropic still holds a leading AI model, with rival Grok catching up, and is reported to be in talks to buy AI startup Descartes for $6 billion.
Questions people ask
What is an IPO and why does the timing matter?
An IPO, or initial public offering, is when a private company first sells shares to public investors and lists on a stock exchange. It lets early investors and employees sell, and subjects the company to quarterly financial reporting.
What do run rate and ARR mean?
Run rate takes recent revenue and projects it over a full year, while ARR, or annual recurring revenue, measures subscription-like revenue expected to repeat. Investors use them to compare fast-growing software companies before audited annual results are available.
Why mention 16 to 20 times sales?
A sales multiple divides valuation by revenue, so 16 to 20 times sales means investors pay $16 to $20 for every $1 of current sales. Lower multiples imply investors are paying less for growth, while higher multiples imply greater expectations for future profit.