Anthropic is pursuing a historic IPO that could raise over $100 billion at a $2 trillion valuation, positioning it as the largest ever. The company claims a $30 trillion total addressable market, exceeding SpaceX’s $28.5 trillion pitch, though actual sales are nowhere near this scale with its own forecast of $200 billion in revenue by 2028 representing less than 1% of the claimed market. Recent growth has been explosive: annualized revenue reached a $65 billion run rate by late July, jumping sevenfold from approximately $9 billion in late 2025, with preliminary Q2 revenue exceeding $11.5 billion, a 14x year-over-year increase. The company reported positive adjusted operating income for the first time among frontier AI labs, though these figures remain unaudited and subject to revision. The IPO faces headwinds from political pushback on data centers and rising interest rates, with the prospectus filing expected shortly.
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