Anthropic, the San Francisco-based AI developer best known for its Claude family of models, is targeting a valuation above $2 trillion for its IPO, more than double the $965 billion valuation the company received in its Series H funding round in May 2026. In the third quarter of 2026, the company reported revenue of $16.8 billion, up 45% from the prior quarter, and claims it is now profitable on an adjusted basis, with an adjusted gross margin of approximately 85% and an adjusted operating margin exceeding 11%. Attendees at the investor meeting project the company could reach an annualized revenue run rate of more than $110 billion by year-end. The roadshow is expected to begin the week of November 9, with potential trading starting before November 26.
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