Anthropic, the artificial intelligence company behind the Claude family of models, is moving toward a public listing, with reporting pointing to an eventual IPO filing and a headline valuation target in the neighborhood of $2 trillion. One early investor in the company told Fortune they expect the actual IPO to price somewhat below that figure, around $1.8 trillion, with shares then trading up into a range of roughly $2.3 trillion to $2.4 trillion once the stock is public.
A megacap debut, by the numbers
If those estimates hold, Anthropic's debut would sit in rare company. SpaceX, one of the few other private companies to approach similar scale, opened at a market capitalization of roughly $2.1 trillion and has since settled around $2.03 trillion. An Anthropic listing pricing near $1.8 trillion and climbing from there would put it on a broadly similar trajectory, a reminder of just how few companies, public or private, have ever been valued at this scale before even ringing an opening bell.
The enterprise pitch
Much of the investor's optimism rests on how Anthropic makes its money. By their account, roughly 80% of Anthropic's revenue comes from enterprise customers, a notably higher share than rival OpenAI, whose business-side sales account for closer to half of its total revenue. That split is central to the bull case being made to prospective public investors: rather than competing primarily for consumer attention, Anthropic has built Claude into a tool businesses already pay for directly, a revenue base that tends to read as more durable to public market investors than consumer subscriptions or ad-supported usage.
