Anthropic is planning an IPO in November targeting a $2 trillion valuation, up from $965 billion in its Series H round four months ago, while using the same 2025 financials. The company reports audited 2025 revenue of $4.6 billion but claims a run-rate of $47 billion based on annualizing the month of May alone, representing claimed revenue growth of 1,000%. This $2 trillion valuation translates to 435 times 2025 revenue, against a net loss of $42 billion in 2025, as the company seeks to raise $100 billion in what would be the largest IPO in history. Nvidia is considering a $10 billion anchor stake. The prospectus dedicates 80 of its 261 pages to risk factors, including warnings that models could develop self-preserving behaviors or attempt to resist shutdown.
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