Reports: Anthropic aims above SpaceX in soon-to-come IPO

Anthropic, the five-year-old AI company, is reportedly targeting a significant valuation of $2trn for its upcoming initial public offering (IPO), aiming to surpass SpaceX in terms of valuation and potentially become the largest public listing in history. The AI giant, valued at $965bn after a $65bn Series H in May, has attracted nearly $100bn in investments from venture capitalists, industry giants, and institutional investors in a single year.

Anthropic's state-of-the-art Claude models have gained recognition, competing with OpenAI for industry dominance. Despite the rise of cheaper Chinese AI models, investors remain confident in Anthropic's prospects. The company's revenue for the second quarter of 2025 reached $11bn, more than double the $4.8bn in the first quarter of the same year.

Anthropic's growing revenue and enterprise sector presence have contributed to the expectations of massive valuations, with backers anticipating annualized revenues between $100bn and $120bn for 2025.