Anthropic Eyes IPO That Could Rival SpaceX’s Record-Setting Debut

Anthropic is considering an initial public offering (IPO) that could match or exceed the scale of SpaceX's record-setting public market debut.

The artificial intelligence (AI) company has seen significant growth, and expectations around Anthropic’s revenue are a major driver of its future valuation.

The company behind Claude is one of the most closely watched AI companies around. Its rise has also put it in direct conflict with larger AI firms such as Google and OpenAI.

Anthropic Revenue Run Rate Crosses $65 Billion

Anthropic's annualised revenue run rate crossed $65 billion by the end of July 2026, up from around $9 billion at the end of 2025.

The company expects revenue to reach $190-200 billion in 2028. That projection is more than four times the annualised revenue run rate reported in May. The pace of expansion has become central to the Anthropic IPO case. Its revenue run rate had grown by more than tenfold each year over the three years through early 2026, according to a Reuters report.

SpaceX And Palantir Emerge As Valuation Benchmarks

Investors and bankers are comparing Anthropic with companies including SpaceX, Palantir and Cloudflare.

Palantir was trading at around 53 times its expected 2026 revenue. SpaceX and Cloudflare were both valued at about 41.6 times their expected 2026 revenue.

However, when it comes to Anthropic, Reuters pointed out that the company could potentially be valued at $2 trillion. But the key thing investors should keep track of is whether such an IPO valuation could be sustained.

Rising AI Demand Comes With Heavy Infrastructure Costs

Demand for Claude AI products, especially for coding and workplace use, has contributed to the company’s revenue expansion. The company generated more than $11.5 billion in preliminary second-quarter revenue, compared with $787 million a year earlier. That represents more than a 14-fold increase.

Sustaining this pace of growth requires significant spending on graphics processing units (GPUs), data centres, model training, inference and employee costs. Anthropic has made multibillion-dollar commitments for computing capacity and was preparing a revolving credit facility expected to exceed $10 billion.

The combination of revenue growth and these infrastructure demands underlines the scale of investment needed to sustain Anthropic’s continued growth.

Anthropic Moves Ahead Of OpenAI Towards A Public Listing

Anthropic confidentially filed for an IPO in June 2026, putting it ahead of rival OpenAI in preparations for a public listing. While OpenAI is reportedly considering a listing in 2027, Anthropic has not yet disclosed the final size, timing or valuation of its proposed offering.

The company is also exploring a share structure that could give greater voting power to Chief Executive Officer (CEO) Dario Amodei and other co-founders. Amodei currently owns around 2% of the company.

For the broader AI IPO market, Anthropic’s potential listing could serve as an important test of investor appetite for highly valued AI companies.

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