Anthropic is heading toward the largest IPO ever, at a possible $2 trillion valuation

Anthropic, the AI startup, is on track to become the largest public offering in history, with a potential valuation of $2 trillion, according to investors. The company's rapid revenue growth, projected to reach $100 billion to $120 billion by the end of 2026, has driven this expectation. Anthropic, which surpassed $47 billion in annualized revenue in May, has gained ground against OpenAI and Google, focusing on business customers.

However, the AI sector is facing increasing caution regarding spending and valuations. While Anthropic has not yet set a public valuation target for its IPO, its top model is priced significantly higher than those of its competitors, which may impact adoption among cost-conscious companies. The company's IPO will test the willingness of public-market investors to accept a multitrillion-dollar valuation for a rapidly growing AI company operating in a market with rising pricing pressure, regulation, and competition.